Islamic Finance

Shariah-compliant Qatar First Bank buys Seattle office building for $117 mln as it seeks to overturn losses


Shariah-compliant Qatar First Bank has acquired a property in Seattle, Washington, USA, for $117 million as it seeks to overturn its 2018 loss of 482 million riyals ($132.38 million).

The four-building corporate campus property is fully rented by telco T-Mobile and software company Mindtree, the investment bank said in a statement on Monday (Feb 3).

QFB said the 262,000-square foot off-market acquisition is its sixth product offering and fourth in the U.S. real estate market.

QFB in 2019 exited its investments in several assets including Turkey-based English Home, Kuwait Energy, and Future Industries Holding.

It said in October its strategy was to monetise its private equity portfolio and reinvest in more secure assets across politically stable jurisdictions.

The bank made a loss of 303.64 million riyals for the nine-month period through Sep 30, according to an investor presentation statement in November.

QFB held 2.87 billion riyals in assets at the end of September last year.

($1 = 3.64 Qatari riyals)

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