Unit of Kuwait's KFH buys US office tower for $165m

KFH Capital Investment Co, a subsidiary of Kuwait Finance House, has announced the acquisition of an office tower in New Jersey, US for $165 million.

The building is fully rented by Panasonic Corporation of North America for a period of 15 years and is a significant centre for the company in terms of marketing, sales, services, research and development throughout North America, a statement said.

Abdul-Aziz Nasser Al-Marzouq, KFH Capital’s CEO, said that an investment fund managed by KFH Capital closed the deal.

Al-Mazouq said that the property is an office building of 12 floors with total rental space of 337,543 square feet and is about 8 miles from Manhattan in New York City.

Kuwait Finance House, the country’s biggest Islamic lender, last month reported a 20.5 percent rise in third-quarter net profit, as income from finance, investments and fees rose and expenses dipped.

Net profit rose to 52.3 million dinars ($172.9 million) in the three months to Sept. 30, from 43.4 million dinars in the same period a year ago.