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Posted On: 3 July 2022 11:36 am
Updated On: 3 July 2022 11:58 am

Gateway Plaza Building in the US acquired by Qatar First Bank

Fareeha Imtiaz
Fareeha Imtiaz
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Gateway plaza building in the us acquired by qatar first bank

Qatar First Bank LLC (Public) (QFB) has acquired the Gateway Plaza building in Richmond, Virginia, USA.

The new acquisition is a Class AA trophy asset with an area of 330,000 square feet that was developed in 2015 as a build-to-suit building and is a tremendous addition to the bank's investment portfolio, which will continue to ensure stable cash flows.

The new investment is QFB's fourteenth investment under its new Shari'a compliant real estate investment strategy, and its eleventh US real estate property with an aim to expand its presence and expertise in the US real estate market.

The LEED Gold certified multi-tenant office property features high-quality construction with top-of-market build-outs and sweeping views of downtown Richmond and the James River.

What the property offers

The property and tenants enjoy proximity to an abundance of amenities, modern residences, and a lively entertainment and arts scene.

The property is also 98 percent occupied by the headquarters of prominent firms, with long lease terms and rental escalations.

Bolstered by high barriers to entry and no future office developments on the horizon, the property presents investors a best-in-class trophy asset with unmatched stability in a highly desirable growth market.

The Bank's investment in Richmond is due to its economic growth which continues to outpace the greater US economy with a 3.6 percent unemployment rate, following a strong recovery post-COVID.

Source: QNA
Cover image credit: Nadeeb