Kennedy Flats is the second property Qatar First Bank (QFB) acquired in the USA on behalf of its investors when the bank turned around its business model and started its shariah-compliant real estate program, aiming at becoming a premier GCC player into the developed residential and commercial real estate markets.
24 May 2021 - 9:03
The Peninsula
Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange (QSE: QFBQ) has announced the acquisition of phase 1 of CoverMyMeds Campus Headquarters in Columbus, Ohio in the USA.
The new acquisition marks QFB’s 7th sharia compliant real estate investment in the Unites States and comes as a significant addition to the Bank’s presence in the US real estate market following QFB’s latest acquisitions of 90 North Campus (T-Mobile) building in Washington, BSN Sports HQ building (Varsity Brands) in Texas, The Grand 2 at Papago Park Center in Arizona, and Waterway Plaza I in Texas.
DUBAI: Qatar First Bank (QFB) has acquired an office building in Ohio, its seventh US real estate purchase.
The bank said it acquired the first phase of the CoverMyMeds campus headquarters in Columbus. The purchase price was not disclosed.
The 218,000 square foot office building was completed this year and is fully leased to CoverMyMeds a unit of McKesson Corporation. The medical company has a 10-year lease on the building.
“The acquisition of this trophy asset is a landmark deal for QFB and an architectural landmark as well for the city of Columbus,” said Alexandre Bernassau, QFB’s head of investment. “Like QFB’s other buildings, all of which serve as headquarters for their tenants, the McKesson Phase 1 corporate campus is a fantastic addition to the shariah-compliant real estate investment portfolio delivering stable cash flows and providing investors (and the Bank) with recurring dividends and an ideal balance between risks and rewards.”