Sheikh Faisal bin Thani Al Thani, QFB Chairman (left) and Abdulrahman Totonji, QFB CEO
Qatar First Bank LLC (Public) (“QFB” or “Bank”) announced its strong financial results for the nine months period ending 30 September 2021.
Qatar First Bank (QFB), announced the successful exit of Jefferson Square, its first syndicated real estate investment located in the heart of Baltimore, Maryland, USA.
QFB acquired Jefferson Square, a class A multifamily residential building, in June 2017 as part of its Shari’a compliant real estate investment program. Jefferson Square marks the second US real estate exit for QFB following the successful exit of Kennedy Flats, Connecticut in October 2021. The property is one of the few class A multifamily residential properties in central Baltimore with more than 300 apartments and in close proximity to John Hopkins University making it a very attractive investment opportunity for the bank in the year 2017.
The anticipated holding period for this investment was five years, however, QFB considered the favorable US Real Estate market outlook and decided to exit earlier. QFB shall be returning capital with profit to investors generating more than 8% IRR for its investors.
Sheikh Faisal bin Thani Al-Thani, Chairman of QFB said: “We are happy to announce the successful exit of our third Shari’a compliant investment in less than five years after acquisition. This is yet another testament to the success of our new business model cementing QFB’s position as the premier choice for US real estate investment in Qatar. As a result of our investment strategy, we have achieved profitable outcomes with a good return and we are committed to continuing diversifying our portfolio in Qatar, and the region. ”
Mr. Abdulrahman Totonji, QFB’s CEO added: “Alhamdulillah, it is a blessing that we have been able to complete our first exit in 2022 with the changing market conditions. I would like to thank the team at QFB for their efforts to make our long-term business strategy a reality and the trust our investors have placed with the bank. Today, we have exited the first real estate investment QFB ever made to generate attractive profits for its investors in the Project. We are committed to continuing sourcing new investments and expanding our portfolio with a stronger presence in the US real estate market and other markets through our unique products. We aim to build a stable and sustainable product suite, tapping into different asset classes in Qatar and the region. ”
Qatar First Bank LLC (Public) is the first independent Shari’a compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange (QSE: QFBQ).