GFH acquires a US logistic facility for $135million

GFH acquires a US logistic facility for $135million

Manama: GFH Financial Group (GFH) has acquired a mission-critical distribution facility in Chicago, Illinois, for $135million.

The facility has been leased since November 2015 to a blue chip tenant, Michelin North America (Michelin N.A.), the international top selling tire brand and global tire industry innovator.

The transaction, valued at over c.US$135 million, marks the continued expansion of GFH's global portfolio of income generating real estate assets including prime distribution centres; well positioned logistics assets and last mile delivery facilities in the US and Europe. The transaction was undertaken in partnership with Silver Creek Commercial Development LLC, a US based asset manager with a track record of over $2 billion in logistics transactions.

The facility is distinguished by its strategic location in the geographic centre of the United States. It is situated at the intersection of I-55 (Chicago to Louisiana) and I-80 (New York to Northern California) offering seamless access to major interstate highways. The facility is one of only two bulk logistics centres used by Michelin in the US, handling 35% of the company's imported inventory and therefore sitting at the heart of its US operations.  

Its close proximity the BNSF Logistics Park Chicago, a transport hub linking manufacturers with rail,