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| 16 October, 2017

Ibdar Bank and partners acquire Boston office building for $48mln

Islamic Financing, finger on keyboard, financial decision concept.

Islamic Financing, finger on keyboard, financial decision concept.

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Ibdar Bank, a Bahrain-based Islamic investment bank, in collaboration with US property manager Lincoln Property Company and asset manager Ritz Banc Group has acquired a prime office building in Boston, USA.

MANAMA - Ibdar Bank, a Bahrain-based Islamic investment bank, in collaboration with US property manager Lincoln Property Company and asset manager Ritz Banc Group has acquired a prime office building in Boston, USA. The total deal size is $48 million.

“The deal is aligned with the bank’s strategy to focus on allocating investments within international real estate markets in order to provide diversified, stable and attractive returns,” Ibdar chief executive Ayman Sejiny said.

“We continue to capitalise on the experience of our in-house team and the proven track record of our investment partners to introduce deals that are innovative, profitable and risk-adjusted.”

The Boston property is a single-let building leased to Amazon Robotics, a wholly-owned subsidiary of Amazon Inc.

It is situated in the second largest robotics cluster in the country, in North Reading, one of Boston’s strongest sub-markets.

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The area is regarded as the “technology corridor”, and is home to many well-known technology-related companies making it the epicentre of robotic innovation.

The bank’s director of real estate investment Bassam Kameshki said the Boston metropolitan area has witnessed substantial growth within the technology and medical sectors driven by the presence of prominent companies and universities, such as the Massachusetts Institute of Technology and Harvard, that offer the world’s best programmes in robotics, IT, research and science.

“The area is also home to leading companies including General Electric,TJX Companies, Fidelity Investments, Biogen, Staples, Zoll Medical, Boston Scientific, Bose, Vertex, Parametric Technologies and EMC Corporation to name a few,” he added.

“During the investment period, we will be working to add further value to the property, and ensure a profitable exit scenario.”

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