Kuwait’s Markaz nets 27.7% returns from US property exit
Kuwait Financial Centre (Markaz) announced the successful sale of Parc Santa Fe, a 344,542-sq-ft industrial property located in Denver, US, for $58 million.
Launched in April of 2018, the investment involved the acquisition and development of a greenfield land parcel into a Class-A industrial facility.
The sale of the property, which was in line with the initial investment strategy, delivered a net internal rate of return to investors (IRR) of 27.7% and a Return on Equity (ROE) of 49.6%, said a statement from Markaz.
Both return metrics exceeded initial estimates of 11.9% (IRR) and 43% (ROE) driven by strong market selection, excellent project execution and active monitoring & oversight of the project, it stated.