Rasmala Investment Bank, a leading alternative investment manager in the Middle East, has launched a five-year UK multifamily strategy to create a portfolio of residential properties in the UK, with a total investment value of $2bn (€1.8bn).
The strategy is targeting the UK multifamily market through a Shariah-compliant investment vehicle, with an initial focus on the serviced apartment and build-to-rent (BTR) subsectors in and around London. It has been seeded by the Rasmala Group and has an active investment pipeline over the next 12-18 months.
In addition to two residential apartment blocks, the strategy benefits from a controlling stake in Red Apartments Limited (RAL), a leading operator managing nearly 500 residential units in and around London. RAL is led by an experienced management team with 25 years of experience in serviced apartments.
Eric Swats, chief executive officer at Rasmala, said: “Our UK multifamily strategy builds on Rasmala’s track record of matching GCC [Gulf Cooperation Council] investors with real estate opportunities in the UK. Our seed investment including RAL reflects our commitment to being the partner of choice in the UK living sector, beginning with the serviced apartment and build-to-rent (BTR) sub-sectors.”
Dominic Sherry, chief executive officer at RAL, added: “A new generation of renters is delaying moving onto the property ladder due to affordability concerns. We see considerable opportunity to grow our build-to-rent brand as a complement to our serviced apartment brand.”
The Rasmala UK Multifamily strategy intends to build on Rasmala’s real estate investment experience in the UK, Europe and North America.
To read the latest edition of the latest IPE Real Assets magazine click here.
