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 the acquisition of Waterway Plaza I, a class A+ office tower spanning more than 223,0000 square foot located in suburban Houston, Texas, USA. Waterway Plaza I marks QFB’s first acquisition for the year in the USA, following only by a matter of days the bank previous acquisition of the Lulu Al Messila Hypermarket in Qatar. Growing ever more QFB income-generating real estate portfolio open to client investments, Waterway Plaza I has already attracted sizeable commitments from the bank’s trusted customer base and the investment will remain open for subscription until March.
Waterway Plaza I is an immaculate and truly stunning Class A+ building located in the Woodlands, the most desirable suburban area of Houston. A testament to its architectural merits and spectacular design, the office tower was awarded the 2012 TOBY (“The Outstanding Building of the Year”) award for best mid-rise. The glass and aluminum façade of the 9-story property offers an incredible panorama of the Woodlands Town Center and its penthouse with full-height glazing was designed to maximize the views of the water canal, offering an expansive vista of Woodlands Waterway and its wooded surroundings. Impeccably maintained and constantly improved by its current tenant in place since 2004, Waterway Plaza I serves as the headquarters for Huntsman International, a multi-billion manufacturer of chemical products and a Fortune 250 company. Huntsman, one of the leading US marketer of performance products and adhesives, counts among its customers the likes of BMW, Procter & Gamble and Unilever.
Commenting on the acquisition, Sheikh Faisal bin Thani al Thani, Chairman of the board said: “I am happy to see QFB’s offering getting some traction. In 2020 we planted the seeds of the turn-around strategy. It was a test year for the bank and I think we succeeded. In 2021 it’s time to be more proactive. It’s time for QFB to accelerate a bit, and to present more opportunities to the market”
QFB continues to handpick the best income-generating investments to offer its trusted personal clients international opportunities usually only accessible to select institutional investors. These investments are available through a Shari’ah-compliant platform.
Commenting on the acquisition, Mr. Abdulrahman Totonji, Acting Chief Executive Officer said: “Another acquisition and another success I predict for the bank and our customers. We already have syndicated a good portion of the offering only relying on word of mouth. All of this within a few days of the new year and before going officially to market. We spend sleepless nights securing what we believe are the very best investments offered in Qatar, and it’s good to see our efforts being recognized. We take our fiduciary duty towards our clients very seriously, we have a vision and the bank is working tirelessly to make it reality.”
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).