Kuwait Finance House (KFH) signed a direct residential real estate investment deal in Chicago with a total cost of $242 million. The compound includes 40 floors and is currently under construction.
Kuwait Finance House will continue to seek opportunities in the real estate markets of the United States, Europe, South East Asia and China in order to accomplish investment opportunities. They will focus on income producing assets with attractive yields and guaranteed occupancy levels. (The International Real Estate Department ManagerAli Al-Ghannam stated that KFH owns 95% of the project)
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Their full press release follows
Kuwait Finance House (KFH) signed a direct residential real estate investment deal in Chicago with a total cost of USD 242 million. The compound includes 40 floors and more than 80 flats. Despite the fact that the project is currently under construction and will be ready by the end of 2011, more than 40% of it was marketed. The building is located in Michigan Street, which is also known as Miracle Mile in the heart of Chicago City.
The International Real Estate Department Manager Ali Al-Ghannam stated that KFH owns 95% of the project, while Prism Company for real estate development owns the remaining 5%. He added that Ritz Carlton, which is a famous company for managing luxury residential real estate condo's and hotels, will be the operator manager of the project, and that this investment comes as part of KFH's strategy in investing in real economic projects, in addition to expanding and diversifying its fields of work, which guarantees best returns with minimal risks, and benefiting from its success in the United States through its Dana Real Estate Fund that has been operated in US since early 90s, and thereafter continue with the success of other projects and funds that achieved attractive returns by operating them for a long years before they were liquidated by the end of 2006 before the economic crises began.
He also mentioned that the project is distinguished as a result of its location and facilities, not to mention the fact that the number of purchasing orders during the current circumstances in excellent, where the flats are known for being spacious and of unique designs, which suits the commercial environment of the commercial area
Al-Ghannam went on to say that KFH has great interest in the US real estate market, which is evident by the current strategic partnership with UDR Company worth USD 450 million to establish an acquisition class "A" multi-family properties in prime U.S states and cities. He said that KFH will focus for income producing assets with attractive yields and guaranteed occupancy levels.
He asserted that KFH will continue to seek opportunities in the markets of the United States, Europe, south east Asia, and China, in order to accomplish fruitful investment opportunities, which will play a role in cementing the profit rates and in serving KFH's strategy.
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