Rasmala Investment Bank Limited (Rasmala), a prominent alternative investment manager, has marked a substantial expansion in its UK real estate portfolio with the successful acquisition of three residential blocks in London during 2023. These acquisitions underscore the bank’s strategic focus on fortifying its UK Multifamily Fund’s portfolio, primarily targeting the burgeoning serviced apartment and Built-to-Rent (BTR) subsectors within the heart of London.

Among the notable acquisitions is the boutique development at 116-118 Chancery Lane, featuring 14 premium apartments. Nestled in the core of London’s legal district, this newly acquired asset boasts a prime location, offering easy access to major London attractions, prestigious educational institutions, and renowned global landmarks, all within walking distance.

The acquisition trail also led to Hamilton House in Hemel Hempstead, which opened its doors to residents in January 2023. This 79-apartment block, converted from an office building in 2022, epitomises modern generational living. The property houses an array of communal amenities such as an onsite community manager, gym, cinema room, a well-appointed common dining area, cafe, and a residents’ lounge. This move reflects Rasmala’s unwavering commitment to enhancing living standards and delivering exceptional living experiences.

Furthermore, the Multifamily Fund’s proposition has been substantially enriched by a strategic stake in Viridian Apartments, a reputable operator with an impressive 20-year history in the market. With nearly 500 residential units under management in and around London, Viridian Apartments brings to the table a seasoned management team boasting twenty-five years of industry expertise.

Dominic Sherry, Chief Executive Officer at Viridian Apartments, expressed his enthusiasm over the new asset additions, remarking, “These wonderful new assets are a valuable extension to our growing BTR and Serviced Apartment portfolio in London. Their prime locations significantly align with, and enhance our brand’s representation.”

Haroon Ahmad, Chief Executive Officer of Rasmala, conveyed his optimism about the continuous collaboration with developers to augment their London residential portfolio further. “These relationships are pivotal in offering our investors an attractive entry point, especially considering the current valuations. I extend my gratitude to Trowers & Hamlins, Mantra Capital, and Ableprop for their relentless efforts in facilitating these transactions,” Ahmad added.