Bahrain-based
wholesale Islamic Investment bank, Ibdar Bank, in collaboration with Lincoln
Property Company and Ritz Banc Group; leading US Property Manager and Asset
Manager respectively, has announced the acquisition of a prime office building
in Boston, USA, currently the headquarters of Amazon Robotics, a wholly owned
subsidiary of Amazon Inc. The total deal size is USD$ 48 million.
Commenting on the acquisition, Ibdar Chief Executive Officer, Mr. Ayman Sejiny said: âWe are pleased to announce the Bankâs recent real estate acquisition in a prominent Gateway City such as Boston. The deal is aligned with the Bank's strategy to focus on allocating investments within international real estate markets in order to provide diversified, stable and attractive returns.â
The property is a single-let building leased to Amazon Robotics. It is situated in the second largest robotics cluster in the country, in North Reading, one of Bostonâs strongest sub-markets. The area is regarded as the âTechnology Corridorâ, and is home to many other well-known technology-related companies making it the epicenter of robotic innovation.
Director of Real Estate Investment, Mr. Bassam Kameshki said: âThis acquisition is aligned with the Bankâs Real Estate Strategy to introduce investment opportunities within markets that offer strong fundamentals and growth prospects. The Boston metropolitan area has witnessed substantial growth within the technology and medical sectors driven by the presence of prominent companies and universities, such as the Massachusetts Institute of Technology (MIT) and Harvard, that offer the world's best programs in Robotics, IT, Research & Science. The area is also home to leading companies including General Electric, TJX Companies, Fidelity Investments, Biogen, Staples, Zoll Medical, Boston Scientific, Bose, Vertex, Parametric Technologies and EMC Corporation to name a few.â
He
added: âDuring the investment period, we will be working to add further value
to the property, and ensure a profitable exit scenario.â
Mr. Sejiny said: âIbdar continues to capitalize on the experience of our in-house team and the proven track record of our investment partners to introduce deals that are innovative, profitable and risk-adjusted.â
About Ibdar Bank
Since inception, the Bank has gained extensive experience in the Aviation, Real Estate, Sukook and Asset Management sectors, and remains focused on providing superior Islamic Investment Banking services whilst operating to the highest standards of ethical and Shariâa banking practices.
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