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
When you fill up your car with petrol you often find that your hand will reek of petrol unless you have worn gloves.
more »
The EU is going through its worst recession since WWII. Inflation has slowed, but employment and public finances are hard hit. The situation should stabilise in 2010.
more »
In the current economic environment, banks should carefully analyze the current and future total cost of ownership of their technology assets, and evaluate the outsourcing alternative.
more »
Commission proposes first EU law on hedge funds and issues guidelines on bank pay practices.
more »
On 30 April, Lithuania’s Minister of Foreign Affairs Vygaudas Ušackas took part in the round table discussion “The European Union’s External Trade Policy and Lithuania’s Positions: Threats and Possibilities for the Lithuanian Industry”.
more »
Since 28 April this year, the clients of AB Bank SNORAS will be able to process their financial matters in a clearer and more user-friendly environment of “Internet Bank+” system.
more »
2009 ageing report: Europe tackling the challenge of an ageing population but the recession threatens a setback.
more »
More choice, investment and security of supply lie at the heart of the 3rd energy package.
more »
Swine flu, a new strain of influenza, has so far left more than a hundred dead. But in one sector, the illness could have huge benefits.
more »
Central European bargain hunters are crossing borders for the best buys. Slovakian shoppers in Hungary are making the most of their new eurozone membership.
more »