Rasmala Investment Bank Limited (Rasmala) a leading alternative investment manager, on March 9, revealed the acquisition of a modern research and improvement facility in Philadelphia, United States for USD 61 million. The asset was obtained by the Rasmala North American Real Estate Income Fund.

Located in the heart of the Philadelphia Navy Yard complex, one of the top business parks in the Northeastern United States, the property is 100% single-let to Axalta Coating Systems, an international leader in performance coatings for the transportation and industrial sector. The 175,000 sq. ft. research and development facility is one of Axaltas 4 international innovation facilities and one of the greatest performance coatings research and development facilities in the world.

Eric Swats, Senior Executive Officer at Rasmala stated: We are glad to announce the acquisition of the Axalta facility which is a top notch asset with robust and steady cashflows. We continue to add to our growing and assorted portfolio of high-quality assets and are actively searching for possibilities to install a further $1 billion in North America.

He added, In order to help this activity, we plan to enlarge our geographic footprint in Europe and the United States.

In addition, Rasmala plans to accumulate more assets in the UK and Netherlands after currently promoting two Amazon logistics assets in Dortmund, Germany for EUR 155 million, generating a 17% IRR return for its investors.