Dubai-based Rasmala Investment Bank has completed the acquisition of residential blocks in London for $63 million.

The newly acquired assets include a boutique new development called 116-118 Chancery Lane that features 14 premium apartments and a 79-apartment block in Hemel Hempstead, the Hamilton House.

The new assets underpin Rasmala’s UK Multifamily Fund’s portfolio, with a primary focus on serviced apartment and built-to-rent subsectors in London.

“Both assets are situated in excellent locations, complement and represent the brands extremely well,” said Dominic Sherry, Chief Executive Officer at Viridian Apartments, in which Rasmala holds a strategic stake. Viridian oversees nearly 500 residential units in and around London.

Rasmala is also working closely with developers to further expand its residential portfolio in London, according to Haroon Ahmad, CEO of Rasmala.

Rasmala Investment Bank is a wholly owned subsidiary of alternative investment manager Rasmala Group, which invests directly and alongside Gulf-based institutional investors including banks, pension funds, endowments, family offices, corporations and government institutions.

(Writing by Cleofe Maceda; editing by Seban Scaria)