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QFB successfully exits its first US real estate investment


Qatar First Bank announced that it has successfully exited Kennedy Flats, a multifamily residential building in the United States of America, planning to generate more than 9% IRR for its investors since acquisition 3.5 years ago.

Kennedy Flats is the second property Qatar First Bank (“QFB”) acquired in the USA on behalf of its investors when the bank turned around its business model and started its shariah-compliant real estate program, aiming at becoming a premier GCC player into the developed residential and commercial real estate markets. The new fee income-based model promised to distribute for this property 8% per annum (net of all operational costs and fees and net of taxes) and gaining the trust of a few private investors QFB acquired a 99% stake in 1 Kennedy Flats, a 374-unit class A multifamily residential building in Connecticut in May 2018. The anticipated holding period for the US real estate building was 5 years. However, real estate…

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