Enterprise House
Site acquired

Site acquired

14/09/2021 by Buildington
Kamco Invest Group and M7 Real Estate have completed the acquisition of four office buildings for a combined value of over £120 million, including the Enterprise House office building in Paddington.

The 6-storey office building is currently under lease by Network Rail on a 13-year term with 12 years remaining

This is the Kuwait-based investor's first acquisition of a London office building. The building will be managed by M7 Real Estate.

Mohammad Al Othman, Executive Director of Real Estate at Kamco Invest, commented: “We are motivated by these acquisitions, which are in line with our strategy to grow Kamco Invest’s real estate platform by continuing to invest in institutional-quality, prime and regional UK office assets. Each of the properties is occupied by creditworthy tenants, each providing a secure, long-term income stream to our investors.

“Kamco Invest continues to develop its real estate investment strategy by acquiring long-leased, single and multi-let, Grade A office properties occupied by investment-grade tenants. Kamco Invest’s partnership with M7 Real Estate has proven to be mutually beneficial and further future growth is anticipated.”

David Ebbrell, Chief Executive of M7 Real Estate, said: “We are really pleased to continue our partnership with Kamco Invest Group with the acquisition of a further four office properties. These transactions demonstrate our confidence in carefully selected office assets and we have now assembled a sizeable portfolio of high quality properties generating long term income which are situated in attractive office markets. We look forward to managing these assets and adding to the portfolio with suitable assets going forward.”

Leona Ahmed, Partner and Head of London at Addleshaw Goddard, added: "We're seeing a lot of interest in the London office market by overseas investors, in large part due to the UK's successful vaccine roll-out and easing of lockdown restrictions. Enterprise House is a particularly attractive investment because of its long-term, government-backed rental covenant and recent refurbishment."

M7 and Kamco Invest Group were advised by Avision Young, Kimmre, Gerald Eve and Addleshaw Goddard.

Addleshaw Goddard advised on all aspects of the transaction, including the corporate acquisition of the property-holding SPV; the structuring and establishment of the shari'ah compliant acquisition structure and the associated equity financing arrangements by way of a commodity murabaha; the asset management arrangements with M7 Real Estate and the conventional debt acquisition facility with Societe Generale.
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