Dubai's Rasmala acquires R&D facility in US for $61mln

Firm plans to deploy an additional $1bln in North America

  
Traders react during the opening of the Dubai stock market June 26, 2016. Image used for illustrative purpose.

Traders react during the opening of the Dubai stock market June 26, 2016. Image used for illustrative purpose.

REUTERS/Ahmed Jadallah

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)

(nada.rifai@refintiv.com)

#DUBAI #US #ACQUISITION #RASMALA

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