Investment firm plans to deploy US$ 1bn in North America
Rasmala Investment Bank Limited (Rasmala) announced the acquisition of an advanced research and development facility in Philadelphia, United States for US$ 61mn. 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 175,000sqft 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.
“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,” affirmed Eric Swats, Senior Executive Officer, Rasmala.
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 155mn, generating a 17% IRR (internal rate of return) payback for its investors.
