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Sat 14 Mar 2020 12:53 AM

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Dubai's Rasmala buys US research hub for $61m

Rasmala Investment Bank Limited has announced the acquisition of a research and development facility in Philadelphia

Dubai's Rasmala buys US research hub for $61m
(Photo for illustrative purposes only)

Dubai-based Rasmala Investment Bank Limited has announced the acquisition of a research and development facility in Philadelphia, United States for $61 million.

The asset was acquired by the Rasmala North American Real Estate Income Fund, the investment firm said in a statement.

Located in the heart of the Philadelphia Navy Yard complex, the property is 100 percent single-let to Axalta Coating Systems, a global leader in performance coatings for the transportation and industrial sector, it added.

The 175,000 sq ft research and development facility is one of Axalta’s four global innovation centres and one of the largest performance coatings research and development facilities in the world.

Eric Swats, senior executive officer at Rasmala said: “We are pleased to announce the acquisition of the Axalta facility which is a high-quality asset with strong and steady cashflows. 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.”

He added that Rasmala has plans to expand its geographic footprint in Europe and the United States.

In addition, Rasmala plans to acquire more assets in the UK and Netherlands after recently selling two Amazon logistics assets in Dortmund, Germany for EUR155 million, he added.

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