Rasmala, an independent investment management group, said it has completed the acquisition of a 68 per cent stake in Orchard Apartments, a leading owner, operator and developer of boutique corporate serviced apartments in the UK.

This comes as part of Rasmala's strategy to grow assets under management (AUMs) and expand the alternative investment offering by diversifying its real estate portfolio, said a company statement.

PSM Partners, a specialist investment firm, retains the balance of the shares in UK developer Orchard, it stated.

As per the deal, Rasmala and PSM will work with the management team at Orchard to further grow the company in the coming years.

Harris Irfan, the co-head of investment banking at Rasmala, said: "The UK corporate serviced apartments market presents promising investment opportunities for investors with the right mix of expertise and financing capabilities."

"This transaction will enable the group to diversify its growing real estate portfolio and tap into a wide array of real estate assets offering stable income and attractive growth prospects," noted Irfan.

Peter Strafford, the co-managing partner at PSM, said: "Over the last two years, both Rasmala and PSM have built a solid track record in the UK real estate and serviced apartments sectors, respectively."

"We look forward to combining the market-leading sector experience of PSM with the real estate and financial expertise of Rasmala," he added.-TradeArabia News Service