EIIB - Rasmala, a Dubai-based investment bank and asset manager, announced the expansion of its international real estate investments, and announced the acquisition of a commercial office building in the UK for $18 million.
The real estate division will focus on identifying real estate investment opportunities in the UK, Europe and the United States. The Group expects to invest approximately $1.5 billion in a broad mix of real estate transactions over the next 3 years. (EIIB-Rasmala was formed in 2012, when the London-listed European Islamic Investment Bank (EIIB) acquired stake in the Dubai-based Rasmala Holdings.
Rasmala is listed in the Middle East Investors Directory with the code OR48.
More details follows
European Islamic Investment Bank plc (' EIIB - Rasmala ' or the 'Group'), the London-listed asset management and financing group, has announced the expansion of its real estate business which will focus on the origination, structuring and execution of real estate investment opportunities. Simultaneously, the Group has also announced the acquisition of a commercial office building in the United Kingdom.
The real estate division will focus on identifying high quality, income generating opportunities in the UK, Europe and the United States. The primary focus will be on the UK, with the strategy of targeting assets in London as well as secondary cities where blue chip tenants occupy Grade A buildings. The Group expects to invest approximately USD1.5 billion in a broad mix of real estate transactions over the next three years, with USD750 million being allocated for investments in the UK.
EIIB - Rasmala also announced the acquisition of a commercial office building in the UK for GBP11.8 million (USD17.9 million, AED65.9 million). Located on the Doxford International Business Park, the office building covers a total area of 66,500 sq ft (6,200 sqm). The property is occupied on a long-lease basis by the mobile telecommunications operator Everything Everywhere Ltd.
The expansion of the real estate business follows on from the launch of a series of new and innovative funds offerings during 2014, including the Rasmala Leasing Fund and Rasmala Trade Finance Fund. The Group plans to further expand both its alternative and real estate businesses during 2016.
Zak Hydari, Group CEO of EIIB - Rasmala , said: "Real estate investments allow us to generate attractive returns for investors while further diversifying our product portfolio and offering greater choice to our clients. Real estate is a high priority business for our Group and we've been very pleased with the extremely positive response we have received for our range of new alternative products from clients."
Naseer Aka, Head of Real Estate of EIIB - Rasmala commented: "In order to meet the growing investor demand for secure long-term income, the real estate division will target high quality properties and leases with long-term tenor and excellent cash flow visibility, underpinned by reliable companies as our tenants."
Mr Aka joined the Group from Coutts & Co, a global private bank in order to establish and expand the EIIB - Rasmala real estate business. [Press Release]
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