Warba Bank announced acquiring the luxury apartment building on Virginia Beach, Ultris, at Banyan Grove in the US state of Virginia, according to a bourse filing on Thursday.
The new deal was coordinated in partnership with an American operating partner, Croatan Investments, which operates residential building in the Hampton Roads area.
The bank invested about $17.34 million in the Ultris building, according to the statement.
Warba Bank is determined to expand its investment plans globally after achieving positive financial results in the first half of 2017, chairman Abdulwahab Abdullah Al Houti said in mid-July 2017.
By 11:00 am Kuwait time on Thursday, Warba Bank’s stock shed 0.4% to 264 fils, with a turnover of KWD 466,000 exchanged through 1,760 million shares.