Tuesday, Jan 03, 2017

DUBAI: Investment firm Rasmala said on Tuesday it has acquired a 68 per cent or a controlling stake in Orchard Apartments, a UK-based corporate serviced apartments company.

No financial details of the deal were disclosed in an emailed statement issued by Rasmala on Tuesday.

Orchard is a leading owner, operator and developer of boutique corporate serviced apartments in the UK. The acquisition is part of Rasmala’s strategy to grow assets under management and expand the alternative investment offering by diversifying its real estate portfolio.

“The UK corporate serviced apartments market presents promising investment opportunities for investors with the right mix of expertise and financing capabilities,” Harris Irfan, co-head of Investment Banking at Rasmala, said in a statement.

“This transaction will enable the group to diversify its growing real estate portfolio and tap into a wide array of real estate assets offering stable income and attractive growth prospects,” he added.

PSM Partners, a specialist investment firm, retains the balance of the shares in Orchard. Rasmala and PSM will work with the management team at Orchard to further grow the company in the coming years, as per the statement.

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