GII acquires Amazon’s logistics center in Germany for $144m

Dortmund offers a strategic location for a high-growth market and is one of the most important logistics hubs in whole Europe.
Updated 26 December 2017

GII acquires Amazon’s logistics center in Germany for $144m

Gulf Islamic Investments LLC (GII), a UAE based Islamic financial services company, announced the acquisition of nearly one million square feet of logistics centers for Amazon, on behalf of its investors, for $144 million. Rasmala acted as a strategic co-adviser and co-investor on this acquisition assisting on all aspects of the acquisition.
The two state-of-the-art Grade A logistics centers, which are located in Dortmund, Germany, serves as Amazon’s key logistics centers supplying goods to 29 other facilities.
These newly built facilities are leased out to Amazon on a long-term unbreakable lease with regular rental uplifts linked to Germany CPI.
Mohammed Al-Hassan, GII co-founder/CEO said: “GII’s real estate investment strategy is to have an exposure to good yielding commercial assets with investment grade tenants. We believe this transaction perfectly matches our investment strategy.”
“Dortmund offers a strategic location for a high-growth market and is one of the most important logistics hubs in whole Europe. Germany also produces about one-quarter of the EU’s GDP, with investment safety rates and remarkable returns.”
Al-Hassan confirmed that GII plans to keep acquiring high quality income yielding real estate assets in the US, the UK and Germany, and to invest selectively in attractive value-add development opportunities in the GCC region.
Pankaj Gupta, the co-CEO of GII added: “The property marks the 5th international real estate asset acquired by GII in the last 2 years and the first in Germany. We see this transaction as an extremely suitable investment for our clients in these challenging investment environment as it not only gives a high single digit cash-on-cash yield but also very strong lease covenants with a marquee tenant like Amazon in a stable geography like Germany. The investment further establishes GII capabilities of providing whole value-chain services and hence offering best in class opportunities.
After this transaction, the total investment of GII in the European market crossed $500 million, while the value of the investment portfolio exceeded $1.3 billion.

Bupa Arabia supports the underprivileged & orphans

Updated 26 May 2020

Bupa Arabia supports the underprivileged & orphans

Bupa Arabia for Cooperative Insurance has partnered with the Ministry of Human Resources and Social Development to distribute 3,000 food baskets among underprivileged families, which are registered with the ministry’s Social Welfare and Family Welfare Agency. The initiative comes in line with the spirit of Ramadan, a month of giving, and in response to the COVID-19 outbreak.

This year, orphans who are covered under Bupa Arabia’s free health insurance program will help in preparing and distributing the baskets to inculcate a sense of giving among them.

Dr. Abdullah Al-Wahaibi, undersecretary at the Social Welfare and Family Welfare Agency, hailed Bupa Arabia’s move to involve orphans in preparing and distributing baskets under the supervision of the agency, saying: “This is a caring gesture from Bupa Arabia, and it promotes a sense of belonging among orphans while cultivating the principles of giving, communication and closeness between them and society.”

He added that the initiative supports what the company has been offering orphans for years. More than 2,600 orphans, living in more than 47 homes across the Kingdom, benefit from Bupa Arabia’s free health insurance program. The program includes divorced orphans and widows who live with their children in social care homes.

Loay Hisham Nazer, chairman of Bupa Arabia, said: “The orphans will be joining hands to assemble and distribute baskets to the families in an attempt to get a sense of the pride of giving during the holy month. We’ve also extended this to our employees, who collectively prepared 411 food baskets. We hope that we make a real and positive impact through this initiative.”

Bupa Arabia was the first company to offer free health insurance for residents of “Dar Al-Rafeef” in 2011. Three years later, in 2014, the program expanded to cover all orphans residing in shelters supervised by the Ministry of Human Resources and Social Development.

“We believe that in order to play a proactive role in society, we need to provide more than just health insurance; we should aim to become the health care partner for every orphan in Saudi Arabia. Therefore, we would like them to know that we are always by their side,” Nazer said, adding that the orphans receive special treatment and the same services that are given to some VIP clients.

The free health insurance program offers a range of quality services, including a designated hotline to receive calls and provide immediate assistance. Bupa Arabia also developed an integrated program that enables doctors to visit beneficiaries periodically for checkups, and regularly organizes health education workshops to raise awareness. The program is approved by the Cooperative Health Insurance Council and covers all treatments, including plastic surgery, dermatology, and even cases that are not covered by regular health insurance.