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Dubai’s Rasmala completes acquisition of DuPont office, biomedical lab for $39mln

Dubai-based Rasmala has completed the acquisition of a biomedical laboratory and prime office real estate asset in the Netherlands for 33.5 million euros ($39.537 million).

The 72,000-square-foot property is located in Leiden Bio Sciences park, the largest life sciences cluster in the Netherlands and one of the top five science park hubs in Europe.

It was acquired through the Rasmala European Real Estate Income Fund, an open-ended long-income direct property fund that targets investments in the United Kingdom and Continental Europe.

The property was recently completed and is now fully let to Genencor International B.V, a biotechnology subsidiary of DuPont, one of the world’s largest producers of chemicals and science-based products.

The new asset was acquired as a forward purchase from Dura Vermeer.

Second investment

In a statement on Monday, Rasmala said the property is the second direct investment by the fund in the Netherlands, following the recent purchase of a logistics facility in Almelo, valued at 50 million euros and leased to Timberland.

Based in the Dubai International Financial Centre (DIFC), the alternative investment firm manages assets on behalf of Gulf-based investors including pension funds, family offices, corporations, endowments and financial institutions.

Commenting on the new investment, Zak Hydari, chief executive of Rasmala Group, noted that the company has added more than $1 billion of assets to its real estate portfolio over the last few years.

“This latest transaction reflects our ability to continue investing in high-quality assets,” he said.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020

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