Bahrain: GFH Sells UK-Based Prime Logistics Park for $123 Million

Bahrain: GFH Sells UK-Based Prime Logistics Park for $123 Million

The sale marks the end of a successful hold period for Roebuck, who acquired the asset for $84m in May 2017 on behalf of a consortium of institutional Korean investors. GFH Financial Group (GFH) has sold a UK-based prime logistics park netting proceeds of $123 million. The Bahrain-based Sharia-compliant investment firm announced its UK subsidiary Roebuck Asset Management has concluded an off-market sale of Accolade Park to Tritax Big Box REIT. Comprising 875, 000sqft, Accolade Park is located in Avonmouth which is the principal logistics and manufacturing area for the South West of the country, centred around the port of Bristol. The sale marks the end of a successful hold period for Roebuck, who acquired the asset for $84m in May 2017 on behalf of a consortium of institutional Korean investors. The robust income and significant value increase provided the investors with a post-tax internal rate of return (IRR) of +20 per cent, well in advance of the target business plan for such a core asset. GFH acquired a majority stake in Roebuck, which continues to operate independently, in December 2020 including its investments in strategic assets. Together, GFH and Roebuck are working on over €1 billion ($1. 21bn) of