GFH acquires mission-critical Chicago distribution center

  • Date: 28-Feb-2021
  • Source: Arab News
  • Sector:Economy
  • Country:Bahrain
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GFH acquires mission-critical Chicago distribution center

GFH Financial Group has announced the acquisition of a mission-critical distribution facility in Chicago, Illinois, which has been leased since November 2015 to blue-chip tenant, Michelin North America, a global tire brand. The transaction, valued at approximately $135 million, marks the continued expansion of GFH's global portfolio of income-generating real estate assets including prime distribution centers, 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 more than $2 billion in logistics transactions. The facility is distinguished by its strategic location in the geographic center of the US. 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 centers used by Michelin in the US, handling 35 percent of the company's imported inventory. Razi Al-Merbati, CEO of GFH Capital S. A., said: "With this transaction, we continue to further our efforts to diversify and expand our portfolio of international, blue-chip real estate assets. This includes new acquisitions of prime properties in strategic geographies