24 Dec 2011
(MENAFN) Kuwait Finance House (KFH) sealed its first real estate acquisition deal in Canada, Arabian Business reported.
KFH purchased the newly constructed 180 Mill Road Apartments, a 127-unit complex in downtown London, Ontario in a deal worth USD32.5 million as part of a joint venture with Killam Properties.
KFH said that under the agreement, the partners are committed to contribute equity USD98 million, representing real estate acquisitions of approximately USD250 million.
KFH, along with Sigma Real Estate Advisors, own 75 percent of the of the equity, while Killan owns the remaining 25 percent, the statement added. KFH expected rate of return including fees will be 10-12 percent upon exit.
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