TAIB Bank, the Bahrain-based Investment Bank, has acquired two real estate properties—both industrial outlet centers—in the United Kingdom worth a total of ₤20.5 million, as of March 2002. The properties were acquired in joint venture with Guinea Group and Dunalastair Limited.
Clacton Factory Shopping Village, which comprises of 48 units and spans approximately 117,000 square feet, was constructed in 1998 and is located in Clacton-on-Sea on the East coast of Northeast Essex. It has a current average occupancy level of 93 percent.
The Galleries, Aldershot, is located within the Borough of Rushmore in Northeast Hampshire. Built in the late 1980’s, it was later refurbished in 1999. The center comprises of a total of 20 units and several kiosks providing approximately 80,000 square feet with an occupancy level of 100 percent.
The outlets will be managed by the Edinburgh-based Guinea Group, who specializes in retail development and asset management. Established in 1985, the group has focused mainly on factory outlet and off-price retail formats both in new buildings and in repositioning existing developments since 1993.
"We project that this acquisition will yield a substantial profit both for the bank and our investors and returns are expected to be in excess of 25 percent per annum", stated Susan Clark, Taib Bank senior vice president. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
