GFH Financial Group, the Bahrain investment bank that manages more than $13 billion in assets and funds, bought 14 logistics assets leased to Amazon worth $2bn, as the company continues to expand its portfolio and leverage the growth of e-commerce in the US.
The new assets in 11 states are fully leased to the e-commerce giant and are bought in partnership with Preylock Holdings and other investors, GFH said in a statement on Thursday to the Dubai Financial Market, where its shares are traded.
“GFH’s investment drive is based on long-term fundamentals of the continued growth of e-commerce, the evolution of supply chain logistics and the inability of supply in terms of construction to meet the current or projected demand,” the company said.
The warehouses were designed and built to suit Amazon’s requirements and are located near major ports and critical infrastructure, minimising inbound ground transportation expenses and providing for significant national reach to a majority of the US market, GFH said.
In the third quarter of this year, demand for warehouse space in the US outstripped new supply by 41 million square feet and is expected to continue to grow on the back of higher e-commerce business and other developments, according to the company.
“The 14 assets are strategically located…enabling Amazon to effectively streamline the flow and delivery of goods to its massive and ever-expanding customer base across the US,” Nael Mustafa, co-chief investment officer of real estate at GFH, said.
"The investment is supported by the ongoing growth in e-commerce, with Amazon an undisputed leader, and the resulting demand for high quality industrial and warehousing space required for storage and distribution," Mr Mustafa added.
Over the past year, GFH has built a portfolio currently valued at more than $1bn in the US and European logistics sectors.
The acquisitions include facilities purpose-built for and occupied by Amazon in Spain and FedEx and Michelin in the US.
Earlier this year, it acquired a $100 million student housing portfolio affiliated with several top universities in the US as part of its expansion plans.
It also bought a US warehousing and distribution logistics centre for $100m in June.
GFH's UK investments include supermarket retailer Tesco's Avonmouth distribution unit, which it acquired for $102m.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
SHALASH%20THE%20IRAQI
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FINAL LEADERBOARD
1. Jordan Spieth (USA) 65 69 65 69 - 12-under-par
2. Matt Kuchar (USA) 65 71 66 69 - 9-under
3. Li Haotong (CHN) 69 73 69 63 - 6-under
T4. Rory McIlroy (NIR) 71 68 69 67 - 5-under
T4. Rafael Cabrera-Bello (ESP) 67 73 67 68 - 5-under
T6. Marc Leishman (AUS) 69 76 66 65 - 4-under
T6. Matthew Southgate (ENG) 72 72 67 65 - 4-under
T6. Brooks Koepka (USA) 65 72 68 71 - 4-under
T6. Branden Grace (RSA) 70 74 62 70 - 4-under
T6. Alexander Noren (SWE) 68 72 69 67 - 4-under
MATCH INFO
Rajasthan Royals 158-8 (20 ovs)
Kings XI Punjab 143/7 (20 ovs)
Rajasthan Royals won by 15 runs
Killing of Qassem Suleimani
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England v South Africa Test series:
First Test: at Lord's, England won by 211 runs
Second Test: at Trent Bridge, South Africa won by 340 runs
Third Test: at The Oval, July 27-31
Fourth Test: at Old Trafford, August 4-8
