QInvest, the Qatari investment bank, has announced the acquisition of a plot of land on South Boulevard in Charlotte, North Carolina, US, in conjunction with a GCC investor.
The company said in a statement that the property will be developed into an upscale 200-unit, multifamily apartment complex covering 165,000 square feet.
It added that the necessary regulatory approvals have been received and the project is already well underway, with completion expected in August 2018.
This acquisition represents the first in a series of investments planned by QInvest into the fast-growing US multifamily residential space.
QInvest said it is structuring an investment solution to cater for demand from investors looking to gain exposure to the sector in the US market.
Tamim Hamad Al-Kawari, CEO of QInvest, said: “We are excited to be investing in this project. The city of Charlotte has excellent investment fundamentals and we expect this development to yield highly attractive risk-adjusted returns.
"This investment also represents an important milestone for QInvest as we look to expand our presence in the multifamily real estate market."
Craig Cowie, head of real estate at QInvest, added: “The US multifamily real estate market is experiencing its seventh consecutive year of strong fundamentals.
"The long-term growth prospects for the multifamily sector are very promising, and we expect the market will remain undersupplied as a growing domestic population continues to fuel demand.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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