Ibdar Capital B.S.C. (Ibdar), a Category 1 Investment Firm (Islamic Principles) licensed by the Central Bank of Bahrain announced that it has successfully completed the sale of its industrial property which serves as the global headquarters of the technology subsidiary for the world’s leading logistics firm. The property was located in in Boston, USA and was sold for a transaction value of US$ 82.5 million. The exit provided investors with a return on investment (ROI) of 69% and Internal Rate of Return (IRR) of 16.1% over a 4 year investment period.
Ibdar and investors, in conjunction with its US investment partner acquired the property. The property was single-let on a long term lease. The property comprises of 228,921 square foot leased area and is a prime office building situated in the second largest robotics cluster in the USA, which is home to many other well-known technology-related companies and is a hub for robotic innovation. The property serves as the corporate headquarters and houses several mission critical operations, including product development and prototype manufacturing business lines. The property is a premier asset with state-of-the-art infrastructure and buildout, including clean energy supplied through rooftop solar panels.
This was Ibdar’s second acquisition in the US real estate market. Ibdar’s team worked in conjunction with its partner to extend the lease and sell the asset on highly attractive terms.
Mohamed Al Hajery, Chairman, stated: “Another successful exit from our real estate platform. The strong returns generated are a testament to the capabilities of our team.”
Ahmed Mostafa, CEO, commented: “Another achievement for Ibdar as we successfully exit our second US real estate transaction. This adds to our track record of providing strong returns to our investors.”
Ibdar continues to seek long term lease opportunities in the office and industrials space in the US and is currently assessing multiple deals to bring to market for its investor base.