Brennan Acquires Third Industrial Portfolio with Gatehouse Bank Plc

Brennan Investment Group, LLC, a private real estate investment firm that acquires and operates industrial properties on a national basis, announced its acquisition of a $147 million, 25 property national industrial portfolio in a joint venture with Gatehouse Bank plc, a wholesale Shariah-compliant bank based in London.  The portfolio is located across 14 states covering each geographic region of the United States and is 100% leased to 22 tenants covering a diverse range of industries with a weighted-average remaining lease term of 16 years.  Shariah-compliant financing for this third portfolio acquisition was again provided by The Royal Bank of Scotland plc.  Since June 2012, Brennan and Gatehouse have acquired three portfolios totaling 9.68 million square feet and 64 properties and now operate a national portfolio concentrated in the Top [10] MSAs across the United States.

Michael Brennan, Chairman and Managing Principal of the Brennan Investment Group stated, “We are pleased to complete our third acquisition with Gatehouse.  Gatehouse has emerged as a leading global real estate investor with a strong track record of successful property investments in the U.S.  U.S. industrial markets continue to demonstrate improving fundamentals, with nearly every major market posting positive absorption and rising occupancies. The U.S. industrial market has now leased more space in the last 24 months than was shed in the recession.  The acquisition of 25 critical use facilities, located in major markets, provides our investment a high degree of predictability both now and in the future.”

“We are pleased to complete another major acquisition with Brennan Investment Group,” said Fahed Boodai, Chairman of the Board of Directors at Gatehouse Bank.  “Gatehouse seeks to partner with best-in-class operators such as Brennan with demonstrated expertise in specific real estate sectors.  This venture will capitalize on Brennan’s expertise in U.S. industrial real estate to generate compelling risk-adjusted investment returns.”

The seller was an affiliate of AIC Ventures.  Arch Street Capital Advisors, a full-service real estate investment advisory firm, assisted Gatehouse Bank in this transaction.