Jade Merchant Bank (JMB), a Kuwaiti-owned bank has acquired two properties of leading defence company BAE Systems. It is reported that the bank has taken over a 150,000-sq-ft property consisting of a £29 million office and R&D unit in Dorset, the UK. The property is sold by Trinova Real Estate and Morood Investment.
Stuart Jarvis, Investment Director at Jade Merchant Bank, told the media, “We are delighted to have added this high-quality asset to our investor’s portfolio, especially having navigated the operational complexities that Covid-19 has brought. The transaction exemplifies the team’s ability to source off-market, secure long-income investments even within the current uncertain market conditions.”
The property is suitable for both commercial offices and R&D space and is very well designed for tenants. The senior team at JMB expressed their gratitude for successfully carrying out the deal transaction. The members included CEO Sam Broadhead followed by Chief Business Development Officer Amr Kenawy and Investment Director Stuart Jarvis.
BAE Systems is based in the UK and is the largest defence contractor in the UK. The company carries out activities such as software development and others at the Grange road site. The company has many offices at different locations globally and is involved in several major defence projects globally. BAE Systems is also listed under the London Stock Exchange.
The pandemic has disrupted several global companies. However, Jade Merchant Bank’s move in a tough situation is considered to be bold. The global economy is still under threat as new lockdowns are imposed in countries.