DUBAI: Qatar First Bank (QFB) has acquired an office building in Ohio, its seventh US real estate purchase.
The bank said it acquired the first phase of the CoverMyMeds campus headquarters in Columbus. The purchase price was not disclosed.
The 218,000 square foot office building was completed this year and is fully leased to CoverMyMeds — a unit of McKesson Corporation. The medical company has a 10-year lease on the building.
“The acquisition of this trophy asset is a landmark deal for QFB and an architectural landmark as well for the city of Columbus,” said Alexandre Bernassau, QFB’s head of investment. “Like QFB’s other buildings, all of which serve as headquarters for their tenants, the McKesson Phase 1 corporate campus is a fantastic addition to the shariah-compliant real estate investment portfolio delivering stable cash flows and providing investors (and the Bank) with recurring dividends and an ideal balance between risks and rewards.”
It is the latest in a flurry of deals which has seen QFB also acquire the 90 North Campus (T-Mobile) building in Washington, the BSN Sports HQ building in Texas, The Grand 2 in Arizona, and Waterway Plaza I in Texas.
The QFB-acquired building will serve as the first phase of the corporate campus for CoverMyMeds, with the second phase planned to be completed by the fourth quarter of 2022.
