The International Investment Bank (IIB) has acquired a portfolio of real estates in France valued at US$105 million.
IIB will acquire a 90% stake in the portfolio, which is located in Paris and Lyon. The bank expects to leverage on strong demand and continued growth for office space in the commercial sectors.
IIB’s asset manager partner, with extensive knowledge of Shariah compliant investments, will hold the remaining 10% in portfolio ownership. Projected internal rate of return on the investment is at 12% a year over a five-year tenure, with cash yields ranging from 8.6% to 9.2%.
This investment marks IIB’s second European real estate endeavor. |
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