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Qatar First Bank acquires office tower in the US

By Pramod Kumar
Office Building, Building, High Rise Creative Commons
The Gateway Plaza building is described as a Class AA trophy asset with an area of 330,000 square feet, the bank said in a press statement

Qatar First Bank has acquired a building in Richmond, Virginia, the lender’s eleventh real estate investment deal in the United States.

The Gateway Plaza building is described as a Class AA trophy asset with an area of 330,000 square feet, the bank said in a press statement.

Build in 2015, the building is a multi-tenant office property with views of downtown Richmond and the James River. It is currently 98 percent occupied.

Sheikh Faisal bin Thani Al-Thani, Chairman of QFB said: “We are delighted to announce the successful acquisition of our eleventh Shariah compliant US real estate investment. QFB has successfully negotiated and acquired the property in this challenging interest rate climate. We have achieved this landmark accomplishment whilst ensuring that the property is acquired at a price which can generate attractive returns for our investors.”

Qatar First Bank is an independent Shariah-compliant bank and listed on the Qatar Stock Exchange.

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