Qatar-based leading Shariah-compliant bank, Qatar First Bank (QFB) has announced the acquisition of phase 1 of the Fortune 10 Health Care Company in the US.
With this acquisition, QFB marks its 7th Shariah-compliant real estate investment in the US and makes a significant addition to the bank’s presence in the American real estate market following its latest acquisitions of 90 North Campus (T-Mobile) building in Washington, BSN Sports HQ building (Varsity Brands) in Texas, The Grand 2 at Papago Park Center in Arizona, and Waterway Plaza I in Texas.
The newly acquired property is a fully built-to-suit 218,000 square foot trophy office building completed in 2021. The QFB-acquired building will serve as the first phase of the corporate campus for Fortune 10 Health Care Company, with the second phase planned to be completed by the fourth quarter of 2022.
“Like QFB’s other buildings, all of which serve as headquarters for their tenants, Fortune 10 Health Care Company Phase 1 corporate campus is a fantastic addition to the Shariah-compliant real estate investment portfolio delivering stable cash flows and providing investors (and the bank) with recurring dividends and an ideal balance between risks and rewards. We aim to remain the leading Shariah-compliant investment partner for local and regional investors wishing to enter the flourishing international and domestic markets.”
Ayman Zaidan, deputy CEO and chief investment officer at QFB, said, “QFB’s reputation in the US real estate market with brokers and our partners is increasingly that of a bank that commits to buying when it pursues deals and delivers on its promises. This particular addition is spectacular and will enhance QFB’s structured investment offering to its investors.”
The investment opportunity is offered on a private placement basis to qualified investors who meet the eligibility requirements in accordance with the rules and regulatory requirements of the QFC Regulatory Authority.