'The Nathaniel' in New York acquired by real estate fund in which Warba Bank is early investor

Kuwait; 27 July, 2015: Warba Bank announced today that a fund in which it is an initial investor has acquired commercial office building "The Nathaniel" in New York, as the bank continues with its strategy of capitalizing on unique investment opportunities in the region and the world. Warba Bank is one of the initial investors in a US-focused real estate strategy managed by the Wafra Investment Advisory Group, Inc.

Warba Bank's co-investors include German insurance companies and pension funds.

Mr. Shaheen Hamad Al Ghanim, Warba Bank Deputy CEO - Investment & Treasury Warba Bank, said: "Warba Bank is pleased with the quality of this acquisition. We are on track to build a portfolio of high quality assets which is anticipated in the long term to enable us to offer a high quality and diverse set of products and services to our customers."

"We are very excited about this acquisition and expect it to be one of many that Warba brings to the market this year. This property has several advantages, including its strategic location and high quality of finish and construction, which is expected to produce stable cash inflow over the long-term," added Al Ghanim.

"The Nathaniel" is the first transaction by the fund. The building was completed in September 2014 and is a Class A+ nine story building consisting of 85 residential units with luxurious amenities and 18,000 square feet of prime retail space. It is fully occupied and located in upmarket area of East Village Manhattan, New York.

Concluding Al Ghanim said: "The bank's diversified investment strategy looks at a range of geographies and categories to take advantage of distinctive investment opportunities to deliver returns while taking into consideration a relatively conservative approach to risk by adopting global standards and adhering to the well-established principles of Shariah."

-Ends- 

About Warba Bank:
Warba Bank, an Islamic Bank established by virtue of an Amiri Decree, was officially registered in the Central Bank of Kuwait's register of Islamic Banks on April 5th, 2010. The State of Kuwait, Warba Bank offers a wide range of customized Sharia compliant services and solutions which are available through the Bank's three Business Groups: Retail Banking Group, Corporate Banking Group, and Investment and Treasury Group. Branching out in 7 strategic locations, Warba Bank has over 300 employees.

For media information, please contact:
Nadin Al Alami
ASDA'A Burson Marstellar
Tel: 00965 22901571   
Email: nadin.alami@bm.com

© Press Release 2015