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Qatar First Bank (QFB), a sharia-compliant bank, has announced the acquisition of phase 1 of CoverMyMedsCampus Headquarters in Ohio, USA.
In a filing to the Qatar Stock Exchage where its stock trades, the lender said it was its seventh sharia-compliant real estate investment in the United States.
The QFB-acquired building will serve as the first phase of the corporate campus for CoverMyMeds, with the second phase planned to be completed by the fourth quarter of 2022.
Alexandre Bernassau, QFB’s head of investment, said the acquisition delivered stable cash flows and providing investors and the bank with “recurring dividends and an ideal balance between risks and rewards.”
“We aim to remain the leading sharia-compliant investment partner for local and regional investors wishing to enter the flourishing international and domestic markets,” he added.
The investment opportunity is offered on a private placement basis to qualified investors meeting the investment eligibility requirements in accordance with the rules and regulatory requirements of the QFC Regulatory Authority (QFCRA), the statement added.
(Writing by Brinda Darasha; editing by Daniel Luiz)
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