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Real Estate Investments

Historically, Lesha Bank has invested its own capital in certain acquisitions of real assets across many geographies. In 2017, responding to market demand, Lesha Bank revamped its business model from an asset-based business model to a fee-income based model.

Lesha Bank focused primarily on implementing a direct core/core-plus real-estate strategy in the US, moving towards the acquisition of direct real estate assets on the Bank’s balance sheet.

Once acquired, certain assets were offered to stakeholders as co-investment opportunities, alongside Lesha Bank, on a deal-by-deal basis. Each acquisition aimed to generate consistent cash yield over its investment horizon as well as a capital appreciation on exit.

Asset Classes

While Lesha Bank’s strategy has been sub-sector agnostic, the real-estate deals closed have been
primarily in single & muti-tenant offices (with long and acceptable weighted average lease terms
(WALT)
and rental escalations) and multifamily units (with high occupancies and potential for rental
uplift).

As Lesha Bank gains traction in its typical $50-150M direct deals and evolves over time, it is
targeting to include other real-estate strategies based on macroeconomic conditions and market
cycles,
such as:

  • Office Buildings: Trophy or Class A assets leased to a single tenant, on a NNN or Absolute Net
    basis.
  • Light value-add or core + multi-tenant offices
  • Multi-family Residentials: Core or value-add Class A and B assets
  • Industrial Assets: Warehouses, factories, last mile delivery terminals, etc.

Markets

While Lesha Bank has traditionally shown a preference for assets located in the US Sun Belt which has periodically shown positive demographics (net positive migration), job creation and tax-friendly and landlord-friendly jurisdictions, it remains open to other geographies and jurisdictions with economic merits.

Tax Efficient & Shari'a-complaint

Lesha Bank works relentlessly to ensure that all its investments are Shari’a-compliant. Furthermore, the team works diligently with its partners, Shari’a board, tax and legal advisors to structure deals in a tax-efficient manner.

Type of Office Leases

As the program aims to offer stable cash flows to its clients, the Bank favors single tenant and multi-tenant office buildings leased on a long-term NNN or Absolute Net basis. Under such lease terms, tenants are responsible for property maintenance, tax payment, building insurance, and repairs. The landlord (which is occasionally Lesha Bank and/or its clients) will only be responsible for handling structural repairs.

Distributions

By primarily looking for unbreakable, untransferable and unencumbered leases with more than 10 years remaining, Lesha Bank’s investments aim to mitigate the re-leasing risk associated with expiry of lease terms and stable distributions to its investors with potential upside upon exit.

Highlights

As of December 2024

QAR

5.4

 Billion

Total Asset Under Management (AUM)
since program inception

QAR

4.5

 Billion

Current Asset Under
Management (AUM)

QAR

2.5

 Billion

Equity raised since inception
of the program

QAR

2.1

 Billion

Current Investors Equity

TEXAS COLUMBUS HOUSTON DALLAS THE WOODLANDS OHIO Fourteen555 Acquired: September 2021 Waterway Plaza I Acquired: January 2021 BSN Sports HQ Building Acquired: August 2020 Ten West Corporate Centre One Acquired: November 2021 WASHINGTON SEATTLE 90 North Corporate Campus Acquired: February 2020 The Grand 2 at Papago Park Center Acquired: December 2020 ARIZONA PHOENIX BALTIMORE Alta Federal Hill Acquired: January 2024 Jefferson Square Acquired: June 2017 Exited: May 2022 Gateway Plaza Acquired: June 2022 Healthcare Technology Company (Phase II) Acquired: November 2022 Healthcare Technology Company (Phase I) Acquired: April 2021 MARYLAND VIRGINIA CONNECTICUT RICHMOND Kennedy Flats Acquired: April 2018 Exited: October 2021