Swiss asset manager Mirabaud has invested in two office buildings in California on behalf of its Gulf-based investors.
The transaction involved two single-tenant office buildings in San Diego and will cost $95.2 million.
Mirabaud states that the US acquisitions will provide its regional investors with the benefit of long-term leases with a remaining lease term and no termination options of greater than 10 years with the promise of cash-on-cash returns net after all taxes of at least 8%.
With global interest rates at near zero, the asset manager sees increasing potential in real estate deals, especially for its Middle East investors.
“We aim to offer our clients in the Middle East alternative geographical locations for real estate investments,” said Yves Mirabaud, senior managing partner of Mirabaud and chairman of the board of Mirabaud (Middle East).
“We firmly believe in diversifying our clients’ wealth as their trusted family office. This goes in line with our conservative investment philosophy, as our clients have historically owned real estate assets in their own countries,” added Mirabaud.
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