KAMCO agrees to acquire GE’s US Global Operations Center for approximately 113 million USD

Sunday 24 July 2016

Kuwait - MENA Herald: KAMCO Investment Company signs agreement to acquire a newly built high quality office building located in the United States of America. The office building serves as the General Electric Company’s (“GE”) new U.S. Global Operations Center and will be acquired for approximately 113 million USD through the Carter real estate investment, development and advisory firm.

The property provides approximately 104 thousand sq. meters of office space and is located in the heart of the Cincinnati Central Business District, a strategic location in terms of accessibility. The investment opportunity in the office building is expected to provide a highly attractive income return, and is projected to yield net cash returns of 6.0% p.a. or above during the investment period.

KAMCO’s Chief Investment Officer, Mr. Khaled Fouad, said, “This is yet another illustration of KAMCO’s prominent role in identifying and structuring investments in good quality durable assets that provide periodic fixed income cash flow streams. KAMCO’s acquisition of GE’s US Global Operations Center is in tune with the company’s private equity deals in the global and regional real estate sector. We believe that this prime asset offers long-term value in combination with attractive current yields. KAMCO’s Alternative Investments Department is eager to continue building its track record of excellence and experience in different alternative asset classes locally, regionally and globally.”

GE is a global digital industrial company headquartered in Connecticut, and was established by Thomas Edison in 1892. With over 333,000 employees, GE has received many prestigious accolades and is ranked 8th in the Fortune 500 with investment grade ratings from Standard and Poor’s (AA+) and Moody’s (A1). The company’s diversified stream of income from its clients in over 180 countries has led GE to reach a market cap of approximately USD 296.5 billion.

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