Thursday 13 December 2018

Ibdar Bank buys prime US office building

MANAMA, October 15, 2017

Bahrain-based Islamic investment bank Ibdar, in collaboration with leading US property manager Lincoln Property Company and asset manager Ritz Banc Group, has acquired a prime office building in Boston, US, currently the headquarters of Amazon Robotics, a wholly-owned subsidiary of Amazon Inc for $48 million.

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 Boston’s strongest sub-markets.

The area is regarded as the ‘Technology Corridor’, and is home to many other well-known technology-related companies making it the epicenter of robotic innovation, said a statement from Ibdar.

Commenting on the deal, CEO Ayman Sejiny said: "We are pleased to announce Ibdar’s 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."
Director of real estate investment Bassam Kameshki said this comes in line with Ibdar's 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," he noted.
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, said Kameshki.

“During the investment period, we will be working to add further value to the property, and ensure a profitable exit scenario,” he added.-TradeArabia News Service

Tags: US | Islamic | office building | Ibdar Bank |

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