The site, in close proximity to a local hospital campus, comprises 61,000 sq ft of net rentable area and 217 parking spaces, and is located in Dallas' North Central Medical Corridor, a 2.5 mile stretch that has seen $500 million of investments in healthcare facilities.
The Fund, under the guidance of The Broe Group, the Fund's property investment advisor, plans to make improvements to the building and convert it into an upscale medical office facility.
According to Fahed Boodai, CEO of GSH, 'We are pleased with the second acquisition of the Bronco Fund in the heart of Dallas as it was purchased well below replacement costs and is in the medical/healthcare sector, a sector we believe has great potential."
'With Broe's expertise in the specialized Medical Office Building sector, this is exactly the type of asset we envisaged the Fund would acquire', commented Duncan Smith, Arab Banking Corporation's Global Head of Islamic Financial Services. 'The property escaped the radar of larger institutions due to its smaller size,' he added. 'The anticipated project level IRR is in line with the Fund's targeted returns, once again a testament to Broe's ability to source lucrative real estate opportunities.'
The Bronco Fund's target is to acquire a diversified portfolio of offices and industrial assets located in major US cities using the 'value add' investment strategy.
GSH is an international investment advisory firm based in Kuwait. It structures, manages, and monitors global real estate products on behalf of its investors. GSH is a subsidiary of Securities House Kuwait, a publicly traded company in Kuwait.
ABC International Bank plc is a wholly-owned subsidiary of the Arab Banking Corporation and is incorporated in the UK and authorised and regulated by the FSA. It was established in 1991, and is the main hub outside the Gulf for the Group's Islamic banking and finance activities.