UAE / UK: Rasmala Investment Bank Limited, an alternative investment manager in the Middle East, has launched a five-year UK multifamily strategy to create a portfolio of residential properties in the UK exceeding US$2 billion in investment value.
The strategy will target the UK multifamily market through a Shariah-compliant investment vehicle, with an initial focus on the serviced apartment and build-to-rent [BTR] sub-sectors in and around London. It has been seeded by the Rasmala Group and has an active investment pipeline over the next 12-18 months.
In addition to two residential apartment blocks, the strategy will benefit from a controlling stake in Red Apartments Limited [RAL], an operator managing nearly 500 residential units in and around London. RAL is led by an experienced management team with a twenty-five year track record in managing serviced apartments.
Eric Swats, CFA, CEO at Rasmala, said: “Our UK multifamily strategy builds on Rasmala’s track record of matching GCC investors with real estate opportunities in the UK. Our seed investment including RAL reflects our commitment to being the partner of choice in the UK living sector, beginning with the serviced apartment and build-to-rent [BTR] sub-sectors.”
Dominic Sherry, CEO at RAL, said: “A new generation of renters are delaying moving onto the property ladder due to affordability concerns. We see considerable opportunity to grow our build-to-rent brand as a complement to our serviced apartment brand.”
The Rasmala UK multifamily strategy will build on Rasmala’s real estate investment experience in the UK, Europe and North America.
Last July, serviced apartment operator Flying Butler, one of the Red Apartment Limited brands, launched its build-to-rent venture Mura Living, ahead of debuting with a first opening in Hemel Hempstead, Hertfordshire. At the time, it was revealed that Flying Butler Apartments was planning to launch 5,000 units under the Mura Living brand across the UK within the coming five years.
Mura Living and Flying Butler Apartments are headline and festival sponsors respectively for the upcoming Urban Living Festival, organised by International Hospitality Media [IHM], on 5-6 July 2023 at East Wintergarden, Canary Wharf. Book your tickets now at this link.
