Rasmala buys UK serviced apartment builder

Rasmala, an asset manager with offices in Dubai and Egypt, has acquired a 68% stake in Orchard Apartments, a British firm that builds and operates corporate serviced apartments.

PSM Partners, an investment firm, retains the remaining stake in the company and says it will work together with Rasmala in the UK real estate sector.

“This transaction will enable [Rasmala] to diversify its growing real estate portfolio and tap into a wide array of real estate assets offering stable income and attractive growth prospects,” says Harris Irfan, Rasmala’s co-head of investment banking.

Rasmala says the acquisition is part of a strategy to diversify its real estate portfolio and increase its assets under management.

In August, Rasmala revealed it had bought 72 warehouses in a sharia-compliant real estate investment deal backed by Ajman Bank.

©2017 funds global mena

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