24-05-2021
Qatar First Bank announced the completion of the acquisition of the first part of CoverMyMeds headquarters in Columbus, Ohio, USA.
The new acquisition is the seventh of QFB's Islamic Sharia-compliant investment in the United States. It is also a qualitative addition to the bank’s presence in the real estate market in the United States of America, after the recent acquisitions of Qatar First Bank, which included the property North 90 (T-Mobile Company building) in Washington, and the headquarters of BSN Sports (Varsity Brands) in Texas, as well as the Grand Building 2 Papago Park Center in Arizona, and the Waterway Plaza 1 building in Texas.
The building was completed in 2021 on an area of 218,000 square feet, and is a distinct architectural landmark that includes offices 100% leased to CoverMyMeds, the subsidiary of McKesson Corporation, with a comprehensive rental, tax and maintenance contract for a period of 10 years. McKesson is one of the leading US companies in the pharmaceutical, medical and health technology sectors, with annual profits of more than $ 200 billion.
The first part of the property, acquired by QFB, will be used as the first part of CoverMyMeds' main building, and the second part of the building is expected to be completed during the last quarter of 2022.
Commenting on the new acquisition, Ayman Zidan, Executive Vice President and Chief Investment Officer of Qatar First Bank, said:
“We are very pleased with our strong presence in the American real estate market, and our success in building a prominent position as a leading investment bank parallel to the largest players in our field. Qatar First Bank has succeeded in gaining a good reputation among real estate investors and other partners in the American real estate sector, and today we are known for our investment obligations as a bank that fulfills all its investment promises and pumps its investments in a timely manner. I would like to thank all the employees of the bank, and all of our partners for their continuous efforts in implementing our long-term business strategy. This addition is also an amazing step and strengthens the structured investment offerings from First Qatar Bank for its investors.”
For his part, Mr. Alexandre Bernasau, Head of Investment at Qatar First Bank, added:
“The acquisition of this property is considered a landmark deal for QFB, given that the property is one of the architectural landmarks of Columbus, Ohio, USA.
This transaction is a qualitative addition to our investments that we are proud of, and it is also a strong addition to strengthening the bank's reputation as an international representative in the real estate sector in the United States. As is the case for the rest of our properties, which have been leased out as headquarters for a number of active companies.
Our new property, the first part of which has been leased to CoverMyMeds, is a great addition to our Sharia-compliant real estate investment portfolio that provides stable cash flows and provides investors and the bank with frequent dividends and an ideal balance between risk and reward. We will continue to carefully research and select what we believe to be the most profitable investment opportunity in the United States and abroad. We also aim to remain the leading Sharia compliant investment partner for local and regional investors wishing to enter the local and international markets. "
This investment opportunity is offered on a private placement basis to eligible investors who meet the investment eligibility requirements in accordance with the rules and regulatory requirements of the Qatar Financial Center Regulatory Authority (QFCRA).