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EIIB-Rasmala expands real estate investment business

DUBAI, October 6, 2015

European Islamic Investment Bank (EIIB-Rasmala), the London-listed asset management and financing group, has announced the expansion of its real estate business.

The expansion comes following the launch of a series of new and innovative funds offerings during 2014, including the Rasmala Leasing Fund and Rasmala Trade Finance Fund.

The group plans to further expand both its alternative and real estate businesses during 2016. Simultaneously, it has also announced the acquisition of a commercial office building in the UK.

The real estate division will focus on identifying high quality, income generating opportunities in the UK, Europe and the US, said a statement from EIIB-Rasmala.  

The primary focus will be on the UK, with the strategy of targeting assets in London as well as secondary cities where blue chip tenants occupy Grade A buildings, it stated.

Zak Hydari, the group CEO, said: "Real estate investments allow us to generate attractive returns for investors while further diversifying our product portfolio and offering greater choice to our clients. Real estate is a high priority business for our Group and we’ve been very pleased with the extremely positive response we have received for our range of new alternative products from clients."

The group expects to invest $1.5 billion in a broad mix of real estate transactions over the next three years, with $750 million being allocated for investments in the UK, he noted.

Located on the Doxford International Business Park, the office building covers a total area of 66,500 sq ft. The property is occupied on a long-lease basis by the mobile telecommunications operator Everything Everywhere.

Naseer Aka, the head of Real Estate of EIIB-Rasmala, said: "In order to meet the growing investor demand for secure long-term income, the real estate division will target high quality properties and leases with long-term tenor and excellent cash flow visibility, underpinned by reliable companies as our tenants."

Aka joined the group from Coutts & Co, a global private bank in order to establish and expand the EIIB-Rasmala real estate business.-TradeArabia News Service
 




Tags: investment | real estate | UK | EIIB-Rasmala |

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