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 $155 million, 20 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 12 states covering each geographic region of the country and is 100% leased to 12 tenants covering a diverse range of industries with a weighted-average remaining lease term of 14 years. Shari’ah-compliant financing for the acquisition was provided by The Royal Bank of Scotland plc through a five-year, fixed rate CMBS execution.
Michael Brennan, Chairman and Managing Principal of the Brennan Investment Group stated, “Over the past year and a half, US industrial markets have demonstrated remarkable strength, with nearly every major market posting positive absorption and rising occupancies. The acquisition of 20 critical use facilities, amidst resurgent tenant demand, provides our investment a high degree of predictability both now and in the future.”
“We are pleased to complete this 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.”
“This acquisition is illustrative of Brennan Investment Group’s ability to acquire functional, stabilized, mission-critical industrial assets in major metropolitan markets across the United States,” said Robert G. Vanecko, Managing Principal and Co-Founder of Brennan Investment Group. “Brennan Investment Group is now actively pursuing many individual properties and portfolios in the Los Angeles, Texas, Central Florida, Washington D.C., and Midwestern industrial markets.”