Qatar First Bank acquires office building in US

Property is first multi-tenant office addition to investment bank's portfolio

  
Image used for illustrative purpose. A trader watches an electronic share price display at the Doha Stock Exchange in downtown Doha March 19, 2015.

Image used for illustrative purpose. A trader watches an electronic share price display at the Doha Stock Exchange in downtown Doha March 19, 2015.

REUTERS/Mohammed Dabbous

Qatar First Bank (QFB) has acquired an office building in the US as it looks to expand and diversify its portfolio. 

Fourteen555, a class AA office building in Dallas, Texas is the investment bank’s 8th shariah-compliant real estate acquisition in the US, a statement said. 

The bank did not disclose the value of the purchase. 

QFB is the first shariah-compliant bank authorised by the QFC Regulatory Authority and a listed entity on the Qatar Stock Exchange.  

The new real estate investment brings diversification to QFB’s portfolio and the first multi-tenant office addition to the company’s assets, according to Abdulrahman Totonji, CEO of QFB. 

“What’s remarkable about Fourteen555 is that it is 100 percent leased and that expansion happened during the pandemic. There is not a single square metre of vacant space left,” said Sheikh Faisal bin Thani al Thani, chairman of the board. 

The newly acquired building is the recipient of last year’s The Outstanding Building of the Year (TOBY) award in the Southwest region. 

It has a courtyard, state-of-the-art conference centre, fully equipped fitness centre, rooftop lounge and event space. It also counts as the headquarters for chemical manufacturer Occidental Chemical Corporation in Dallas. 

(Writing by Cleofe Maceda; editing by Seban Scaria  ) 

Cleofe.maceda@refinitiv.com 

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© ZAWYA 2021


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