First Islamic Investment Bank (First Islamic) has formed a joint venture with Shurgard Self-Storage SCA (Shurgard Europe)
Published:
5 July 2003 y., Saturday
First Islamic Investment Bank (First Islamic) has formed a joint venture with Shurgard Self-Storage SCA (Shurgard Europe) to develop up to 38 self-storage facilities in the United Kingdom, France, the Netherlands, Denmark, Sweden and Germany.
The transaction is valued at approximately 232 million euros. Shurgard Europe is the largest developer, owner and operator of self-storage facilities in Europe.
First Islamic and its co-investors will hold an 80 per cent interest in the joint venture, with Shurgard Europe holding the remaining 20 per cent.
Of the 38 sites targeted for acquisition over the next 12 months, to date, 23 have been identified and approved for development.
The joint venture has agreed terms with Societe Generale for the provision of a development financing facility for 65 per cent of the total development cost.
The investment will generate an internal rate of return (IRR) of approximately 20.7 per cent over the anticipated four-year investment holding period.
Šaltinis:
gulf-news.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Chinese companies invested 3.62 billion US dollars in non-financial sectors overseas in 2004, an increase of 27 percent year-on-year
more »
Azerbaijan plans to slash zeroes from its banknotes in a currency reform aimed at making it easier to use by the public starting in 2006
more »
The Czech privatization agency received five preliminary bids for a majority stake in the country's dominant telecommunications company
more »
The European Investment Bank plans to increase its loan portfolio this year to a record high of €45bn (£31bn) and to take greater risks in its lending strategy
more »
According to preliminary data, investments in Moldova's fixed assets grew 8 percent to $403.4m in 2004
more »
An International Monetary Fund mission led by Poul Thomsen, senior IMF representative to Russia, will arrive for a one-week visit to Moscow on February 9
more »
The bank admitted, though, that in acting as agent for Russian foreign trade operations it had taken a loan from a group of Chinese banks to fund Russia’s long-term exports to China
more »
Ukraine's new prime minister ordered the government Saturday to begin the process of returning Ukraine's largest steel mill to state control with the aim of putting the mill back up for auction
more »
The World Bank is planning to assist Russia in entering global markets by providing it with consultations and exchange of experience
more »
Foreign Ministry spokesman said on 3 February that Belarus's foreign trade rose by 40 percent year-on-year in 2004 to $30.1 billion, including $19.1 billion with CIS countries
more »