Transaction underlines investor appetite for stable and long-term rental income producing assets
JLL has recently advised Kuwait-headquartered Kamco Investment Company and Greenridge Investment Management, a Mayfair-based investment manager, on the £31 million refinancing of two long let B&Q retail warehouse facilities located in key UK regional towns and managed by Kamco Invest on behalf of investors.
Both assets are let to DIY and home improvement company B&Q with a WAULT of over nine years and are located in the regional UK towns of Grimsby and Bury, totalling approximately 215,000sqft. B&Q is part of the wider Kingfisher Retail Group, a British multinational home improvement company listed on the London Stock Exchange and a member of the FTSE 100 Index.
“Our investors were able to maximize the value of these high-quality retail warehouses throughout the pandemic by successfully adapting to the growing demand for online shopping and serving as collection centres for customers who made online purchases,” remarked Mohammad F. Al Othman, Executive Director, Real Estate Investments, Kamco Invest.
“Despite the headwinds during 2020, UK real estate continues to offer compelling investment opportunities. We’re pleased to have these B&Q retail warehouses in our portfolio,” commented David Leong, Financial Director, Greenridge Investments.
“This transaction further demonstrates the continued investor commitment to UK real estate and assets with strong lease fundamentals and long-term rental income characteristics,” observed Claudio Sgobba, Senior Director, Debt and Structured Finance, EMEA, JLL.
