Dubai alternative investment manager Rasmala Investment Bank is planning to acquire new assets in Europe and the United States after it sold its two logistics facilities in Dortmund, Germany for $155 million (Dh569.2m). The company bought the huge warehouses just two years ago alongside UAE-based financial services firm Gulf Islamic Investments, with the buildings leased to e-commerce giant Amazon. “Our real estate business continues to expand and we are currently acquiring new assets in Europe and the United States. We have successfully exited this investment and will generate significant returns for our investors,” Eric Swats, a senior executive at Rasmala said. The warehouses were based within the new Dortmund Logistics Park. The sale generated a total return of 30 per cent in over two years for the investors. Rasmala said it would retain its investment in another logistics centre let to a subsidiary of Decathlon, the sports goods retailer. Based in Dubai International Financial Center, Rasmala invests directly and alongside Gulf-based institutional investors including banks, pension funds, endowments, family offices, corporations and government institutions. The sale paves the way "for more real estate income-producing opportunities,” said Mohammed Al Hassan, co-founder & chief executive for the GCC at Gulf Islamic Investments. “Our real estate portfolio has reached $900m and next year we target to touch $1.5 billion in similar deals in USA and Europe,” he said. "This is one of the top IRR (internal rate of return) achieved in income generating real estate assets in [the] recent past and reflects on the capabilities of [the] GII team in providing complete Sharia-compliant investment solutions," said GII co-founder and UAE chief executive, Pankaj Gupta. GII's team has a track record of managing $2.5bn in assets and securing $5.5bn in debt, the company said in a statement.