Dubai-based alternative investment manager Rasmala has spent $61 million to buy a research and development centre in the US as its steps up its plans to build a US property portfolio.
The asset, which is located in Philadelphia, was acquired by the Rasmala North American Real Estate Income Fund.
The 175,000 sq ft property is currently let to Axalta Coating Systems, which provides performance coatings for the transport industry.
The purchase was praised by Rasmala senior executive officer Eric Swats who referred to it as “a high quality asset with strong and steady cashflows”.
Swats also said that Rasmala is looking to grow its property portfolio and is “actively looking for opportunities to deploy a further $1 billion in North America” as well as acquiring more assets in the UK and the Netherlands.
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