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
In European sustainable energy week 2010, new EU energy commissioner presents strategy to reduce Europe’s dependence on fossil fuel.
more »
The EBRD is launching a Project Complaint Mechanism, which is expected to enhance the accountability and transparency of the Bank’s operations.
more »
The EBRD is boosting the availability of local currency financing in Armenia with a synthetic loan in Armenian Drams (AMD) worth $4 million to FINCA UCO CJSC for on-lending to local micro and small enterprises (MSEs).
more »
This year is the UN year of biodiversity and it brings endangered species into the spotlight.
more »
The World Bank Board of Directors today approved a US$65 million project to support the recovery of Haiti’s critical infrastructure as well as the reestablishment of basic State functions following the devastating 7.0 magnitude earthquake on January 12, 2010.
more »
Haiti’s arduous reconstruction and recovery process jolted forward today following fresh commitments to help the Caribbean nation rebuild in the wake of its devastating January 12 earthquake.
more »
A mission from the African Department of the International Monetary Fund (IMF) visited Uganda during March 4-17, 2010, to conduct the seventh and final review under Uganda’s Policy Support Instrument (PSI) and reach understandings on a policy framework for a new three-year PSI to cover the period 2010 to 2013.
more »
The European Economic and Social Committee (EESC), as the first EU institution, rose to the challenge of providing a comprehensive vision for the future of the Common Agriculture Policy (CAP), in advance of the European Commission's papers on the matter, due to be issued later this year and in 2011.
more »
The outlook for primary energy supplies, heat, and electricity is questionable for the Eastern Europe and Central Asia region, despite Russia and Central Asia’s current role as a major energy supplier to both Eastern and Western Europe.
more »
The Executive Board of the International Monetary Fund (IMF) today approved a 36-month, SDR 513.9 million (about US$790 million) Stand-By Arrangement (SBA) for El Salvador to help the country mitigate the adverse effects of the global crisis.
more »