Kuwait's Global Sells NHS Scotland Building In Edinburgh

Kuwait-based Global Investment House has announced that the sale of a property in Edinburgh which is leased out to the Scottish government.

The asset management and investment banking firm said the property, which is owned by its clients within the UK National Commercial Real Estate Program, achieved total return of 27.3 percent.

The property, acquired in April 2016, is a three-storey building occupied by the National Health Service of Scotland (NHS), Scottish Ambulance Service and Health Improvement of Scotland.

Sulaiman Mohammed Al-Rubaie, acting CEO, said: “This is another successful exit from an investment part of the UK National Commercial Real Estate Program achieving returns to clients in line with our expectations upon acquisition.

"The result achieved, especially as the holding period has bared the brunt of the Brexit uncertainty, supports our main objective to target acquisitions that are relatively insulated from the prevailing economic volatility.”

Currently, the real estate portfolio consists of six properties worth $293 million, including five properties in the UK and one property in Germany.