Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange (QSE: QFBQ) has announced the acquisition of phase 1 of CoverMyMeds Campus Headquarters in Columbus, Ohio in the USA.
The new acquisition marks QFB’s 7th sharia compliant real estate investment in the Unites States and comes as a significant addition to the Bank’s presence in the US real estate market following QFB’s latest acquisitions of 90 North Campus (T-Mobile) building in Washington, BSN Sports HQ building (Varsity Brands) in Texas, The Grand 2 at Papago Park Center in Arizona, and Waterway Plaza I in Texas.
The newly acquired property is a fully built-to-suit 218,000 square foot trophy office building completed in 2021 and is 100% leased to CoverMyMeds – the wholly owned subsidiary of McKesson Corporation on a 10-year NNN lease. McKesson Corporation is a leading American company operating in the pharmaceutical, medical, health, and information technology sectors with annual revenues of over USD 200 billion.
The QFB-acquired building will serve as the first phase of the corporate campus for CoverMyMeds, with the second phase planned to be completed by the fourth quarter of 2022.
Commenting on the new acquisition, Mr. Ayman Zaidan – Deputy CEO and Chief Investment Officer at QFB, said:
“I am delighted to see QFB expands its footprint in the US real estate market and to see the Bank getting recognized on the international scene as a credible and reputable outfit operating on par with other players. QFB’s reputation is in the US real estate market with brokers and our partners is increasingly that of a bank that commits to buy when it pursues deals and delivers on its promises. Thanks to all QFB team and all of our partners who work tirelessly to make our long-term business strategy a reality. This particular addition is spectacular and will enhance QFB’s structured investment offering to its investors.”
Mr. Alexandre Bernassau, QFB’s Head of Investment added: “The acquisition of this trophy asset is a landmark deal for QFB and an architectural landmark as well for the city of Columbus, Ohio. It is one amazing addition of which I am particularly proud and one that will further cement the Bank’s reputation as an international level playing actor in the US real estate investment scene. Like QFB’s other buildings, all of which serve as Headquarters for their tenants, the McKesson Phase 1 corporate campus is a fantastic addition to the sharia-compliant real estate investment portfolio delivering stable cash flows and providing investors (and the Bank) with recurring dividends and an ideal balance between risks and rewards. We will continue to source diligently and hand pick what we believe are the most profitable investment opportunities in the US and beyond. We aim to remain the leading sharia-compliant investment partner for local and regional investors wishing to enter the flourishing international and domestic markets.”
This investment opportunity is offered on private placement basis to qualified investors meeting the investment eligibility requirements in accordance with the rules and regulatory requirements of QFC Regulatory Authority (QFCRA).