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 $178 million, 19 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 13 states covering each geographic region of the country and is 100% leased to 16 tenants covering a diverse range of industries with a weighted-average remaining lease term of 14 years. Shariah-compliant financing for this second portfolio acquisition was again provided by The Royal Bank of Scotland plc. To date in 2012, Brennan and Gatehouse have acquired two portfolios totaling 39 properties with a combined purchase price of nearly $350 million.
Michael Brennan, Chairman and Managing Principal of the Brennan Investment Group stated, “We are pleased to complete our second acquisition with Gatehouse this year. U.S. industrial markets continue to demonstrate improving fundamentals, with nearly every major market posting positive absorption and rising occupancies. The acquisition of 19 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.”
Bret Hardy and Greg Cizik of Colliers International represented the seller in the transaction. 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.