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Ibdar Bank Acquires Boston Office Building
Ibdar Bank Acquires Boston Office Building

17 Oct 2017

Ibdar Bank, in collaboration with Lincoln Property Company and Ritz Banc Group; leading US Property Manager and Asset Manager respectively, has announced the acquisition of a prime office building in Boston, USA, currently the headquarters of Amazon Robotics, a wholly owned subsidiary of Amazon Inc. The total deal size is USD$ 48 million.

Commenting on the acquisition, Ibdar Chief Executive Officer, Mr. Ayman Sejiny said: “We are pleased to announce the Bank’s recent real estate acquisition in a prominent Gateway City such as Boston. The deal is aligned with the Bank's strategy to focus on allocating investments within international real estate markets in order to provide diversified, stable and attractive returns.” The property is a single-let building leased to Amazon Robotics. It is situated in the second largest robotics cluster in the country, in North Reading, one of Boston’s strongest sub-markets. The area is regarded as the ‘Technology Corridor’, and is home to many other well-known technology-related companies making it the epicenter of robotic innovation. Director of Real Estate Investment, Mr. Bassam Kameshki said: “This acquisition is aligned with the Bank’s Real Estate Strategy to introduce investment opportunities within markets that offer strong fundamentals and growth prospects. The Boston metropolitan area has witnessed substantial growth within the technology and medical sectors driven by the presence of prominent companies and universities, such as the Massachusetts Institute of Technology (MIT) and Harvard, that offer the world's best programs in Robotics, IT, Research & Science. The area is also home to leading companies including General Electric,TJX Companies, Fidelity Investments, Biogen, Staples, Zoll Medical, Boston Scientific, Bose, Vertex, Parametric Technologies and EMC Corporation to name a few.” He added: “During the investment period, we will be working to add further value to the property, and ensure a profitable exit scenario.” Mr. Sejiny said: “Ibdar continues to capitalize on the experience of our in-house team and the proven track record of our investment partners to introduce deals that are innovative, profitable and risk-adjusted.”

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