Rasmala Bank for Alternative Investments Management acquired the American Aczalta facility for $ 61 million.
According to Al Bayan, the facility was acquired by the Rasmala Real Estate Income Fund in North America.
The Acalta facility is the newest R&D facility in Philadelphia, Pennsylvania, USA, and spans 175,000 square feet.
It is exclusively leased to Axalta Coating Systems, a global provider of premium quality paints for the transportation and industrial sector.
The R&D facility is one of Axalta's global innovation centers and one of the largest R&D facilities specializing in high-performance coatings and paints in the world.
"We are delighted to announce the acquisition of the Axalta facility, which is a high-quality asset that generates strong and stable cash flows," said Eric Swats, chief executive of Rasmala.
We are continuing to expand our diversified and ever-growing investment portfolio, and are constantly looking for opportunities to invest an additional $ 1 billion in North America.
Rasmala plans to acquire more assets in the United Kingdom and the Netherlands.
