Gatehouse Bank completes £33.4m acquisition in UK

Fahed Boodai, Chairman, Gatehouse Bank
Gatehouse Bank plc (Gatehouse), a Kuwaiti-owned wholesale Shariah compliant investment bank based in the City of London, has completed the £33.4 million acquisition of the Debenhams department store in the centre of Leeds in the UK. Working closely with its sister company GSH Kuwait, Gatehouse is able to deliver to its GCC client base a unique investment opportunity with an annual cash yield of 7.00%.

“This latest deal cements the reputation of Gatehouse Bank for delivering premium international investment opportunities that generate solid returns for the benefit of our clients. The team has a proven track record in the UK real estate market, and the acquisition of this impressive asset represents yet another milestone in terms of our objective to present investors with a strong pipeline of high quality transactions that offer long term growth potential and security of return,” Fahed Boodai, Chairman of the Board of Directors at Gatehouse Bank, said.

The 107,181 sq ft store, arranged over six levels, is one of the most prominent retail assets in Leeds city centre and occupies a 100% prime location on one of the main shopping thoroughfares. Debenhams has demonstrated a long term commitment to the property, having occupied the building in its entirety for more than 15 years. Historically the store has ranked in the company’s top 20 trading stores in the UK and will provide a further 21 years term certain income.

“Our GCC investors value a prudent approach to balancing risk and reward, and our priority is to deliver strong investment opportunities in solid asset classes that will maximise long term returns. Our understanding and access to the UK real estate market means that we have a real competitive advantage in terms of delivering transactional opportunities that fully satisfy the diverse requirements of our investor base,” Abdulaziz AlDuweesh, Executive Vice President and Head of Wealth Management at Gatehouse Bank, added.

With a global real estate portfolio worth in excess of £575 million, Gatehouse is one of the most active non-institutional investors in the industry. It has a proven track record in sourcing and delivering rare and exclusive real estate investment opportunities to GCC investors in the UK market, with product and expertise backed by rigorous and transparent regulatory principles in London. With a specialist team of real estate experts, Gatehouse is able to offer a unique service that delivers added value through depth of research, comprehensive analysis and ongoing advisory in real estate opportunities.

“Major UK shopping centres such as Leeds are continuing to see high levels of demand, even in the face of a wider economic slow-down, and the prime retail market has remained remarkably resilient. The property is in a particularly desirable area of the city centre, where both retail and real estate fundamentals are extremely strong. These factors served as key for investors searching for high quality assets, and the Debenhams acquisition typifies our strategy of purchasing long income properties with well-established tenants and which deliver an attractive yield,” Commenting on the latest acquisition, Adam Cavanagh, Head of Real Estate at Gatehouse Bank, said.

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