Dubai’s Rasmala acquires a controlling stake in UK-based corporate serviced apartments company
Rasmala (‘Rasmala’ or ‘the Group’), the Dubai-based investment management group, announced that it has completed the acquisition of a 68% stake in Orchard Apartments Ltd (‘Orchard’).
Established in 1999, Orchard is a leading owner, operator and developer of boutique corporate serviced apartments in the UK.
PSM Partners LLP (‘PSM’), a specialist investment firm, retains the balance of the shares in Orchard. Rasmala and PSM will work with the management team at Orchard to further grow the company in the coming years.
The acquisition is part of the Group’s strategy to grow assets under management (‘AUMs’) and expand the alternative investment offering by diversifying its real estate portfolio.
Harris Irfan, Co-Head of Investment Banking at Rasmala, commented: “The UK corporate serviced apartments market presents promising investment opportunities for investors with the right mix of expertise and financing capabilities. This transaction will enable the Group to diversify its growing real estate portfolio and tap into a wide array of real estate assets offering stable income and attractive growth prospects.”
Peter Strafford, Co-Managing Partner at PSM added: “Over the last two years, both Rasmala and PSM have built a solid track record in the UK real estate and serviced apartments sectors, respectively. We look forward to combining the market-leading sector experience of PSM with the real estate and financial expertise of Rasmala.”