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
Bank DnB NORD A/S increasing its holdings in its Lithuanian subsidiary to 99.84 percent through acquisition of shares from minority shareholders.
more »
AB Bank SNORAS will grant LTL 35 million for financing the small and medium businesses on the exclusive conditions.
more »
Rejecting survival plans from both General Motors and Chrysler, President Barack Obama warned the ailing US automakers they could be forced into bankruptcy if they don't find a way to slash their debt.
more »
Prevailing wisdom says when the going gets tough the weary go drinking. The demand for beer exceeds the demand for all other alcoholic beverages in USA.
more »
Things have been moving slowly for Swiss watchmakers in recent months. The global economic downturn has hit the country's third most important industry hard.
more »
The move came a day before the U.S. government was due to outline new steps to help GM and Chrysler as part of the federal bailout.
more »
With the European year of creativity and innovation in full swing, leading figures warn against cutting back on research and development in times of crisis.
more »
Wall Street has been looking for signs of a bullish comeback, and today's surprise news on the economic front revived a buying spree... started by Monday's 7% rally.
more »
With the economic crisis eating away at public finances, budget deficits in five countries are expected to exceed the 3% of gross domestic product allowed by the EU.
more »
China is calling for a new global currency to replace the dominant dollar, showing a growing assertiveness on revamping the world economy ahead of next week's London summit on the financial crisis.
more »