DOHA: Qatar First Bank (QFB) has completed a $41 million acquisition of Varsity Brands. With the acquisition of Varsity Brands, a three-story building in Texas, QFB has added another income-generating real estate asset to its portfolio of investments.
Varsity Brands marks QFB’s fifth investment in the US real estate market and has been fully syndicated to the bank’s clients. Varsity Brands currently serves as the headquarters for BSN Sports, a leading marketer, manufacturer and distributor of sporting goods apparel and equipment in the US.
BSN Sports markets and distributes its products to over 100,000 institutional and team sports customers in colleges and universities, middle and high schools and recreational programmes throughout the US via catalogue, e-commerce, and direct sales.
The property expands within a land size of 8.41 acres with 600-plus employees working, including sales, customer support and corporate executives. It was awarded LEED silver certification in early 2019 and is located 11 miles north of downtown Dallas and within the larger Dallas-Fort Worth metropolitan area.
Commenting on the acquisition, QFB Acting CEO Abdulrahman Totonji said, “We have completed yet another acquisition in order to cater to the demand from our existing and potential clients who are seeking to gain accesses to the US real estate market.We are also honoured to have been able to syndicate the complete offering within a few days after going to market and raising over QR80 million from our investors for this product.”