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Fri 27 Oct 2017 09:12 AM

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Bahrain's Ibdar buys Boston office of Amazon subsidiary

Islamic investment bank inks $48m deal to buy office building which is HQ of Amazon Robotics

Bahrain's Ibdar buys Boston office of Amazon subsidiary
(Getty Images)

Bahrain-based wholesale Islamic investment bank, Ibdar Bank, has announced the acquisition of a prime office building in Boston, United States.

In collaboration with Lincoln Property Company and Ritz Banc Group, it has signed a deal for the building, which is currently the headquarters of Amazon Robotics, a wholly owned subsidiary of Amazon Inc.

The total deal size was $48 million, Ibdar Bank said in a statement.

Ibdar CEO Ayman Sejiny said: “We are pleased to announce the bank’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.”

The property is situated in the second largest robotics cluster in the US, known locally as the Technology Corridor, and is home to many other well-known technology-related companies making it the epicentre of robotic innovation, he added.

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.