Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity in the Qatar Stock Exchange, has completed a USD$41million acquisition of Varsity Brands, a three story, 135,0000 square foot building in Texas, USA, adding another income-generating real estate asset to its portfolio of investments. Varsity Brands marks QFB’s fifth investment in the US real estate market and has been fully syndicated to the Bank’s clients.
Varsity Brands currently serves as the headquarters for BSN sports, which is the leading marketer, manufacturer and distributor of sporting goods apparel and equipment in USA. BSN Sports, markets and distributes its products to over 100,000 institutional and team sports customers in colleges and universities, middle and high schools, and recreational programs throughout the United States via catalog, e-commerce, and direct sales.
The Property expands within a land size of 8.41 AC with 600+ plus employees working including sales, customer support, and corporate executives. Property was awarded LEED silver certification in early 2019 and is located 11 miles north of downtown Dallas and within the larger Dallas- Fort worth metropolitan area.
As a part of QFB’s turn-around strategy, the Bank continues to offer secure, risk-adjusted and income-generating investment opportunities to its clients through a Shari’ah-compliant investment platform. This strategy has further fueled QFB’s goal of growth backed by turn-around financial and business performance. QFB continues to demonstrate a positive track record in investing in the US real estate market.
Commenting on the acquisition, Mr. Abdulrahman Totonji, Acting Chief Executive Officer said:
“We have completed yet another acquisition in order to cater to the demand from our existing and potential clients who are seeking to gain accesses to the US real estate market. We are very proud of our team and the hard work they have done to secure such a unique asset. We are also honored to have been able to syndicate the complete offering within a few days after going to market, and raising over 80 million QR from our investors for this product. We strive to find the perfect balance between risk and reward in the investments we offer to our clients, by securing stable cash generating assets, backed by strong entities, in developed markets. Managing our clients’ money is a responsibility that we take very seriously. We are honored by the opportunity to be the trusted partner for all of our investors when it comes to the management of their investments. We pray to Allah Almighty to help us on this journey and help us succeed in our investments.”
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).