Rasmala acquires Philadelphia-based R&D centre for $61m

The facility is 100% single-let to Axalta Coating Systems and is located in the centre of the Philadelphia Navy Yard complex

The 1.6ha facility is one of the largest performance coatings R&D facilities in the world.
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The 1.6ha facility is one of the largest performance coatings R&D facilities in the world.

Dubai International Financial Centre-based (DIFC) alternative investment manager, Rasmala Investment Bank’s US-based arm Rasmala North America Real Estate Income Fund has acquired a research and development (R&D) facility in Philadelphia for $61m (AED224.1m).

Located in the centre of the Philadelphia Navy Yard complex, a business park in the North Eastern part of the US, the facility is 100% single-let to Axalta Coating Systems.

The 1.6ha facility is one of Axalta’s four global innovation centres and one of the largest performance coatings R&D facilities in the world.

Speaking about the acquisition, senior executive officer at Rasmala, Eric Swats, said that the Axalta facility was “a high-quality asset with strong and steady cashflows”.

The company looks to add to its growing and diversified portfolio of high-quality assets and are planning to deploy $1bn (AED3.7bn) in North America.

Swats added: “In order to support this activity, we plan to expand our geographic footprint in Europe and the US.”

Rasmala also plans to acquire more assets in the UK and Netherland. The company recently sold two Amazon logistics assets in Dortmund, Germany for $176m (AED646.5m), which helped generate a 17% internal rate of return (IRR) for its investors.

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