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
The financial and economic crisis has shown that reckless behaviour of banks and other financial institutions can have serious and costly consequences for Europe's economy and its people.
more »
Local services that create jobs and improve energy efficiency received a boost Thursday (2 September) when MEPs on the Industry, Research and Energy Committee approved plans for more investment.
more »
The European Commission approved the first financing decisions under the EUR 264 million 2010 allocation for the so-called Vulnerability FLEX mechanism to help the most vulnerable African, Caribbean and Pacific countries cope with the impact of the global financial crisis and economic downturn.
more »
The European Commission has today updated the list of airlines banned in the European Union to impose an operating ban on one air carrier from Ghana and to place operating restrictions on another air carrier from that country.
more »
The European Commission today approved an application from Denmark for assistance under the European Globalisation adjustment Fund (EGF).
more »
Algirdas Šemeta, EU Commissioner for Taxation, Customs Union, Anti-Fraud and Audit, will open tomorrow an international conference at the Shanghai World Expo 2010 on building bridges to facilitate trade between China and the EU.
more »
Moldova is set to receive an EU grant of up to €90 million to help it through the financial crisis, following a vote at Parliament's Committee on International Trade on Monday.
more »
Important notice: since May 2010 business surveys data are classified in accordance with an updated version of the Nomenclature of Economic Activities (NACE rev. 2) causing a potential break in series at this date.
more »
75% of Europeans think that stronger coordination of economic and financial policies among EU Member States would be effective in fighting the economic crisis, according to the Spring 2010 Eurobarometer, the bi-annual opinion poll organised by the EU.
more »
The European Commission has extended until the end of the year the liquidity support scheme for banks in Slovenia.
more »