Dubai-based alternative investment manager Rasmala Investment Bank has acquired a research and development facility in the US for $61 million.
The 175,000 sq.ft. facility located in Philadelphia is 100 percent single-let to Axalta Coating Systems, a major performance coatings firm for the industrial and transportation sector.
The asset was acquired by the Rasmala North American Real Estate Income Fund.
“We continue to add to our growing and diversified portfolio of high-quality assets and are actively looking for opportunities to deploy a further $1 billion in North America.” Eric Swats, Senior Executive Officer at Rasmala said in a statement.
“In order to support this activity, we plan to expand our geographic footprint in Europe and the United States,” he added.
Rasmala Investment Bank is a wholly owned subsidiary of Rasmala UK, and it manages assets on behalf of GCC-based investors.
(Writing by Nada Al Rifai; editing by Seban Scaria)
#DUBAI #US #ACQUISITION #RASMALA
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2020