Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity in the Qatar Stock Exchange, has completed the $117 million off-market acquisition of 90 North, a four-building, 262k-square-foot office campus located in Bellevue, Washington. The property is fully rented by two tenants T-Mobile and Mindtree.
The 90 North Corporate Campus is a four building class “A” campus property situated on approximately 20 acres and strategically located at Seattle, Washington. The campus is ideally located in Eastgate, the heart of the I-90 suburban corridor which provides prime freeway access, proximity to the best executive housing in the region, a strong roster of corporate tenants, and a low vacancy rate. The campus features an on-site food court, café, fitness center, conference facility, courtyard with outdoor seating and recreational activities, and ample surface parking.
This acquisition is QFB’s sixth product offerings and fourth in the US real estate market offering investors access to international investment opportunities through Investment Management Platform. It is also a strong testimony of QFB’s key focus on its strategy of offering innovative financial solutions with greater returns to bank’s clients of high net worth Individuals, institutional investors and government related entities.
Commenting on the acquisition, Mr. Ayman Zaidan, Deputy Chief Executive Officer said:
“In line with our new strategy, we source and structure investment opportunities to cater to the increasing demand of local and international investors. Our products help investors gain access and reach to the US real estate market with unique properties that offers Shariah-compliant investments. Our new strategic direction has reinforced our vision of a risk-sharing collective investment operating business model”
Additionally, the product offers an investment in a stable mature market. This investment provides clients with ten years of strong, credit-backed contractual cash flows with minimal capital obligations and a best-in-class asset in a market characterized by large, market-leading companies such as Microsoft, T-Mobile, Nintendo, REI, Amazon, Google, Facebook, Oculus, Costco, AT&T, and Boeing.
It is worth mentioning that this product is offered on a private placement basis and potential clients are subject to regulatory requirements of QFMA and other regulators to be eligible to participate in such investment opportunity.