Rasmala Expands UK Real Estate Portfolio with Acquisition of Three Residential Blocks for USD 63 million in London
DUBAI, UAE, Oct. 12, 2023 /PRNewswire/ -- Rasmala Investment Bank Limited (Rasmala) a leading alternative investment manager, has completed the acquisition of three residential blocks in London thus far in 2023. The acquired assets underpin Rasmala's UK Multifamily Fund's portfolio, with a primary focus on the thriving serviced apartment and Built-to-Rent (BTR) subsectors in London.
116-118 Chancery Lane, recently acquired, is a boutique new development of 14 high quality apartments, ideally located within the central hub of London's legal district. The property enjoys a prime spot in a bustling location, walking distance from major London attractions and entertainment centers, top-tier educational institutions, and some of the most iconic landmarks globally.
Hamilton House, located in Hemel Hempstead, welcomed its first guests in January of this year. The 79-apartment block provides a high-quality generational living experience. Converted from office building in 2022, the property provides flexible communal spaces and support services, including an onsite community manager, gym, cinema room, a well-equipped common dining area, cafe and a residents' lounge. This acquisition underscores Rasmala's dedication to improving the quality of life and commitment to offering exceptional living experiences.
The Multifamily Fund's proposition is significantly strengthened by its strategic stake in Viridian Apartments, a market-leading operator with a spectacular 20-year track record. Viridian Apartments manages nearly 500 residential units in and around London and is led by a seasoned management team with twenty-five years of expertise in the serviced apartment industry.
Dominic Sherry, Chief Executive Officer at Viridian Apartments, said: "We are delighted to add these wonderful new assets to our expanding BTR and Serviced Apartment portfolio in London. Both assets are situated in excellent locations, complement and represent the brands extremely well."
Haroon Ahmad, Chief Executive Officer of Rasmala, added: "We are working closely with developers to further expand our London residential portfolio. Leveraging these relationships allow our investors to benefit from an attractive entry point, in light of current valuations. I wanted to thank Trowers & Hamlins, Mantra Capital and Ableprop for working tirelessly on our behalf and helping us get these transactions over the line."
About the Rasmala Group
Rasmala Group is a leading alternative investment manager operating in global markets since 1999. It invests directly and alongside Gulf-based institutional investors including banks, pension funds, endowments, family offices, corporations and government institutions. Rasmala Investment Bank Limited is based in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority and is a wholly owned subsidiary of the Rasmala Group. The significant subsidiaries of the Rasmala Group are referred to interchangeably as "Rasmala" and "the Rasmala Group." For further details, please visit www.rasmala.com.
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