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Kuwait-Based Investor Buys Property Primarily Occupied By UK Government

Sheffield Town Hall, England

Kuwait-based Global Investment House, in partnership with London's Greenridge Investment Management, is under contract to purchase Hartshead House, Sheffield.

The 295k SF property is a campus of office, retail and car park uses in Sheffield's City Centre. It is over 70% occupied by the UK government under triple-net leases, which is a target for Global and Greenridge, according to Arab Times. The weighted average unexpired lease term is over 9.5 years, and the property is expected to deliver dividends in excess of 10%. Other tenants include National Car Parks and Argos.

The acquisition was made through the UK National Commercial Real Estate Program, which Global and Greenridge launched in September 2015 to identify Grade A off-market investments outside of Central London. Since the program's launch, the venture has purchased £250M of property for an average annualized dividend of 8.9%. [AT]