Rasmala Acquires London Apartment Block for Generation Living Solutions Fund
Dubai, August 14, 2024: Rasmala Investment Bank Limited (Rasmala) is pleased to announce the acquisition of 116-118 Chancery Lane – the latest addition to its Generation Living Solutions (GLS) Fund portfolio which owns and operates apartment blocks in London.
This 14-apartment block is located in Westminster, next to the Royal Courts of Justice and King’s College (Maughan Library) in the heart of London’s legal district. This brand-new office conversion features a collection of one, two, and three-bedroom apartments managed as serviced apartments by Viridian Apartments (www.viridianapartments.com) offering an unparalleled blend of modern amenities to residents and guests.
Viridian Apartments, also owned by GLS, is central to the Fund’s strategy and commitment to deliver exceptional living spaces that cater to the tastes of residents and guests seeking comfort, convenience, and style.
Adnan Adil, Director – Investments, said: “This is a core asset in central London which we have acquired for GLS on a freehold basis. As we work towards our goal of raising and deploying USD 2 billion into UK residential property, we have a strong pipeline and remain busy evaluating new opportunities for the fund.”
This acquisition reflects Rasmala’s strategy to expand its footprint into London’s residential market and capitalize on attractive valuations given London’s strategic importance to Gulf-based investors and global capital allocators.
Adil added: “As our active asset management strategy and on-ground presence continues to gain traction with Gulf-based investors we have now started discussions with UK and US based institutional investors who are looking to deploy capital in the space.”
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