The Real Estate team at Addleshaw Goddard LLP has completed their mandate in relation to the acquisition of three office buildings, one in Hamilton, Scotland and the others in Bristol and Chertsey, England, for Kuwaiti Investor, Kamco Investment Company K.S.C.P. (“Kamco Invest”), demonstrating the continued interest from overseas investors into the UK office sector.
Kamco Invest worked with investment manager M7 to secure and execute this acquisition. The cross-office, cross-jurisdiction team was led by real estate partner and head of London office, Leona Ahmed and Finance partner, Sarah Egbu and supported by Alastair Cowan, Helen Musi, Lorna Dean, and Lianne Macpherson. Liam Diggins and Peter Sayer provided the structuring and tax advice.
The AG team created the investment structure for Kamco Invest, including developing and establishing the Sharia-compliant funding structures. Aviva provided the senior financing for the transaction. The buildings are all located in highly regarded towns and cities in the UK and let to well-established and investment-grade companies, including Samsung, Everything Everywhere (EE), and Scottish Power.
Leona Ahmed said: "This is one of the first deals to go live post lock-down and demonstrates the continued importance of the UK as a secure destination for overseas investors looking to diversify their investment assets and to put their capital to work. We are really delighted to have been able to support Kamco Invest on this transaction.
"The evolution of the office as a concept has been the subject of much debate throughout Covid-19 as the working from home revolution has accelerated. The Offices sector will inevitably face changes as workers adapt to a new work life, post pandemic, and businesses look to ensure that the office environment offers a flexible and alternative environment to the 'home office,' which enables people to collaborate and provide a blended approach to a new world of work. Well located offices let to high quality and creditworthy tenants will therefore continue to be attractive to investors."