Bahrain's Al Salam Bank has sold a portfolio of seven multifamily assets in the United States for $182.5 million, the company said in a statement on Monday (Apr 27).
The Shariah-compliant bank said the sale price exceeds the original underwriting for the portfolio.
Al Salam acquired the real estate assets in North Carolina and Texas in 2016.
The bank’s head of private banking Ali Habib Qassim said the exit comes at an “opportune” time ahead of the uncertainty of the current COVID-19 crisis.
“With the current volatile environment bringing new attractive opportunities which are being assessed on an opportunistic basis, the decision to exit early has enabled our investors to increase the cash allocation in their respective portfolios in anticipation of tactical deployment over the coming period,” said Qassim.
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