05 Jan 2022
Ibdar is pleased to announce the successful sale of its office property (single-let to Amazon Robotics (Boston, USA) - a wholly owned subsidiary of Amazon) for a sale consideration of US$82.5 million. The prime office building was acquired in collaboration with Ritz Banc Group and Lincoln Property Company in 2018 and is situated in the second largest robotics cluster in the USA, which is home to many other well-known technology-related companies and is a hub for robotic innovation.
Ahmed Mostafa, CEO, commented: “This successful transaction marks a milestone for Ibdar and is the first exit for our US real estate platform, delivering strong returns to our investors.”
Fahim Shelot, Director of Alternative Investments and Real Estate commented: “We were able to execute our investment strategy to extend the current lease with such a strong tenant. This value addition enabled us to position the asset strongly in the market and this led to exceptional returns for a prime asset.”