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Rasmala Investment Bank Ltd., a Dubai-based alternative investment manager, has launched five-year strategy to create a portfolio of multifamily residential properties in the U.K. that will exceed $2 billion in investment value.

According to the company, the strategy will involve a Shariah-compliant investment vehicle with an initial focus on the serviced apartment and build to rent (BTR) subsectors in and around London. It has been seeded by parent company Rasmala Group and has an active investment pipeline over the next 12-18 months.

The company also stated the strategy includes a controlling stake in Red Apartments Limited (RAL), an operator with a 25-year track record in managing nearly 500 residential units in and around London. Dominic Sherry, CEOfficer at RAL, observed: “A new generation of renters are delaying moving onto the property ladder due to affordability concerns. We see considerable opportunity to grow our build-to-rent brand as a complement to our serviced apartment brand.”