Bahrain's Noriba Bank, the wholly-owned Shariah-compliant subsidiary of Switzerland's UBS Group, has recently sold its first real estate investment portfolio in the US.
The real estate investment is comprised of three office buildings in New Jersey and two office buildings in Kansas City in Missouri, Noriba Bank said. The holding period for the investment had been initially set at between 36 and 60 months and the sale of the investment after a holding period of only 26 months, led to an internal rate of return (IRR) of 18.2% instead of the projected IRR of 12.5%.
Noriba Bank, set up in May 2002, operates in the fields of Islamic bonds, wealth and portfolio management, treasury products, foreign exchange, equities, Islamic investments and real estate.
Source: www.IslamicFinanceNews.com |
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