Gatehouse Bank to boost investment in UK property by آ£100 mln

KUWAIT, Dec 9 (KUNA) -- Gatehouse Bank has announced further investment of آ£100 million to develop a significant portfolio of private rented sector (PRS) homes across select markets in the UK, including Merseyside, Manchester, Birmingham and others.
The initiative benefits from Gatehouse's strategic partnership with Sigma Capital Group plc, a UK-listed residential and urban regeneration specialist.
Gatehouse is predominantly owned by institutional and sovereign shareholders from the State of Kuwait, and Gatehouse's investment activities in PRS include significant support from the Kuwait Investment Authority to address the UK's housing shortage. The PRS initiative is the latest in a series of investments made by Kuwaiti investors to support strategic initiatives championed by the UK Government.
This investment is Gatehouse's second PRS initiative and follows its investment in a آ£110 million program to build in excess of 900 homes in Greater Manchester and Merseyside, which Gatehouse launched with Sigma in the second half of 2014.
The first program is ahead of schedule, both in terms of construction and occupancy, and demonstrates Gatehouse and Sigma's ability to deliver much-needed PRS housing to communities in the UK.
Chairman of Gatehouse Fahed Boodai said: "Our activities in PRS are a major strategic initiative for Gatehouse and further position the firm as a leading provider of institutional-quality real estate investments." Gatehouse Bank plc (Gatehouse), the London-based investment bank, is a Shariah-compliant bank that mainly provides real estate investment services. (end) fnk.jk.mt