Today, Bentall Kennedy announced its acquisition of a 7 story, 223,000 square foot single tenant office building , on behalf of Warba Bank K.S.C.P. The recently completed building is located in Englewood, Colorado and adjacent to the Dry Creek Light Rail Station. The building is expected to become LEED Silver Certified (pending). This acquisition represents the third such investment that Bentall Kennedy has made as Warba Bank‚Äôs real estate investment advisor in 2017, and a significant addition to the firm‚Äôs growing portfolio in the U.S. real estate market.
This investment in the Denver metropolitan area boasts views of the Rocky Mountains and is situated within a 1.5 mile radius from outstanding retail and restaurant amenities. The modern design of the building, completed in 2017, features open-concept floor plans with column-free rectangular floor-plates, floor to ceiling windows and continuous glass lines. Other in-building amenities include a fully equipped fitness center, a large full-service caf√©, and a large parking garage with above standard capacity.
‚ÄúThis acquisition is clearly in line with our favorable outlook on the Denver market and is strengthened by the growing demand from tenants moving to this submarket,‚ÄĚ said Kevin Rivest, Senior Vice President of Transactions for Bentall Kennedy. ‚ÄúThe newly constructed building is an exceptional investment for the Partnership and provides a combination of dependable cash returns and the opportunity for market rental growth in a rapidly growing US market.‚ÄĚ
Bentall Kennedy‚Äôs mandate with Warba Bank is intended to span a broad range of commercial real estate investment types in major U.S. markets. Warba Bank seeks to acquire properties with strong and stable returns and the opportunity for modest appreciation. This acquisition brings the total transaction volume closed by the Partnership to approximately $200M in 2017; and Bentall Kennedy is actively pursuing additional investments on its behalf.
“We are pleased to continue growing our partnership with Bentall Kennedy, one of North America‚Äôs largest real estate investment advisors, which will support the expansion of Warba Bank’s global real- estate investment program throughout key U.S. real-estate markets,‚ÄĚ said¬†Shaheen Hamad Al-Ghanem, CEO, Warba Bank. ‚ÄúThis exciting acquisition is the continuance of our long-term cooperation with Bentall Kennedy and is in line with our strategy of acquiring high quality properties and generating stable income in dynamic markets. The property is a great addition to our U.S. Real Estate portfolio.”
About Bentall Kennedy
Bentall Kennedy, a Sun Life Investment Management company, is one of the largest global real estate investment advisors and one of North America’s foremost providers of real estate services. Bentall Kennedy serves the interests of more than 550 institutional clients with expertise in office, retail, industrial and multi-residential assets throughout Canada and the U.S. Bentall Kennedy’s Investment Management group has approximately $46 billion (CAD)/$36 billion (USD) of assets under management (as of June 30, 2017). Bentall Kennedy is also one of the largest real estate services providers in Canada, managing 58 million square feet on behalf of third-party and investment management clients (as of June 30, 2017). Bentall Kennedy is a member of UN PRI and a recognized Responsible Property Investing leader ranked among the top firms around the globe in the Global Real Estate Sustainability Benchmark (GRESB) for the seventh consecutive year since GRESB was launched.
Bentall Kennedy includes Bentall Kennedy (Canada) Limited Partnership, Bentall Kennedy (U.S.) Limited Partnership and the real estate and commercial mortgage investment groups of certain of their affiliates, all of which comprise a team of real estate professionals spanning multiple legal entities. The assets under management shown above include real estate equity and mortgage investments of the companies within Bentall Kennedy. The information in this press release does not constitute an offer to sell or a solicitation of an offer to buy securities or investment services.
For more information, visit¬†www.bentallkennedy.com
About Warba Bank
Warba Bank was established pursuant to Emiri decree and was officially registered as an Islamic bank by the Central Bank of Kuwait on 5 April, 2010. It offers a bundle of integrated services and banking solutions that comply with the Islamic sharia, and such services are offered through three business groups, namely, the Retail Banking Group, the Corporate Banking Group and the Investment Banking Group. The bank has 12 branches in strategic locations with over 350 employees working under its umbrella in the State of Kuwait.
For more information, visit: www.warbabank.com