Kuwait Finance House buys second Canadian property.Kuwait Finance House (KFH KFH Kuwait Finance HouseKFH Kaiser Foundation Hospital KFH Katonai FelderÃto Hivatal (Military Intelligence Office; Hungary) ) announced in May 2012 that it has acquired a second residential development in Canada, for US$ 42.5 million. The investment firm bought into the 10-storey building located in Ottowa, through its partnership with country-based Killam Properties Inc. International real estate department manager at KFH, Ali Al-Ghannam, described the property as consisting of 146 units of which 55 per cent are already rented. He said in a statement, the building, in CanadaAAEs capital and seat of government, was also conveniently adjacent to amenities including shopping malls and restaurants. The 205,000 square feet (19,045 square metres) apartment block is expected to produce robust profit once all the units are rented out, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Al-Ghannam, with KFH concentrating on the addition of desirable prime real estate to a portfolio which now extends across Europe, North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and South East Asia. KFH reported its first Canadian residential property transaction in association with Killiam, in December last year at approximately US$ 32.5 million. The deal involved the acquisition of a 127 unit building; 180 Mill Road Apartments, in the central district of the city of London, Ontario. The partnership between KFH and Killam Properties was finalised earlier in 2011, under the deal, both firms are each expected to contribute equity up to C$100 million (US$ 96.2 million) that would ultimately represent joint property acquisitions worth around US$ 250 million. Killam is among the largest real estate companies in Canada, owning and managing 8,957 residential units along with a further 173 premium properties. Kuwait Finance House, established in 1977, was the first Islamic bank established in the State of Kuwait Noun 1. State of Kuwait - an Arab kingdom in Asia on the northwestern coast of the Persian Gulf; a major source of petroleum Koweit, Kuwait Arab League - an international organization of independent Arab states formed in 1945 to promote cultural and economic . It is now a market leader not only in the Islamic banking industry, but also the banking sector as a whole, providing a wide range of ShariAAEa compliant products and services covering banking, real estate, trade finance, investment portfolios and corporate, commercial and retail financial markets. From an investment perspective KFH offers international real estate services in various countries including the establishment and management of structured property portfolios and funds, as well as project financing Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. and direct investment. Copyright Andy McTiernan. All rights reserved. Provided by Syndigate.info an Albawaba.com company |
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