PHOTO
- Rasmala plans to deploy $1 billion in North America
Dubai, United Arab Emirates (AETOSWire): Rasmala Investment Bank Limited (‘Rasmala’) a leading alternative investment manager, today announced the acquisition of a state-of-the-art research and development facility in Philadelphia, United States for USD 61 million. The asset was acquired by the Rasmala North American Real Estate Income Fund.
Located in the heart of the Philadelphia Navy Yard complex, one of the premier business parks in the Northeastern United States, the property is 100% single-let to Axalta Coating Systems, a global leader in performance coatings for the transportation and industrial sector. The 175,000 sq. ft. research and development facility is one of Axalta’s four global innovation centers and one of the largest performance coatings research and development facilities in the world.
Eric Swats, Senior Executive Officer at Rasmala said: “We are pleased to announce the acquisition of the Axalta facility which is a high-quality asset with strong and steady cashflows. 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.”
He added, “In order to support this activity, we plan to expand our geographic footprint in Europe and the United States.”
In addition, Rasmala plans to acquire more assets in the UK and Netherlands after recently selling two Amazon logistics assets in Dortmund, Germany for EUR 155 million, generating a 17% IRR return for its investors.
-Ends-
About Rasmala
Established in 1999, Rasmala is a leading alternative investment firm which manages assets on behalf of Gulf-based investors including pension funds, family offices, corporations, endowments and financial institutions. Rasmala Investment Bank Limited is a wholly-owned subsidiary based in the Dubai International Financial Centre (“DIFC”) and regulated by the Dubai Financial Services Authority (“DFSA”). For further details, please visit www.rasmala.com.
*Source: AETOSWire
Contacts:
Mouna Sounni, Marketing and Communications, +97144242757
mouna.sounni@rasmala.com
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release 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. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
