Arab Today, arab today kuwait\s kfh seals first canadian real estate investment
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

Kuwait\'s KFH seals first Canadian real estate investment

Arab Today, arab today

Arab Today, arab today Kuwait\'s KFH seals first Canadian real estate investment

Kuwait City - Arabstoday

Kuwait Finance House (KFH) has announced the acquisition of a residential apartment complex in Canada in a deal worth about $32.5m, its first as part of a joint venture agreement. The purchase of the newly constructed 180 Mill Road Apartments, a 127-unit complex in downtown London, Ontario, is the first property held under KFH\'s joint venture with Killam Properties. The investment firm signed the joint venture agreement last year with Killam with the objective of acquiring residential properties in Canada. Under the agreement, the partners are committed to contribute equity up to C$100m, representing real estate acquisitions of approximately $250m, KFH said in a statement. Seventy-five percent of the equity comes from KFH and Sigma Real Estate Advisors, its real estate advisor, with Killan providing the other 25 percent, the statement added. The purchase price of 180 Mill Road was C$33.3m ($32.5m), with KFH/Sigma\'s ownership interest being C$25m. KFH said its expected rate of return including fees will be 10-12 percent upon exit. Construction of the 12 storey apartment building, with two levels of underground parking, and seven adjacent townhouses, was completed during the first quarter of 2011. The building is located in the Richmond Row area of downtown London, one of London\'s finest shopping, restaurant and entertainment districts. Still in its initial lease-up stage, the building is currently 60 percent occupied. \"We are very pleased to announce 180 Mill Road as the first real estate acquisition under the joint venture with Killam,\" said Abdulnaser Al-Subaih, KFH\'s assistant general manager. \"The joint venture currently has two additional properties under contract. One is in Ottawa and is close to completion with the closing scheduled for the first half of 2012 and the other property is newly constructed and is located in the Greater Toronto Area and is subject to lender and CMHC approval.\"

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