Mubasher: Kuwait Business Town Real Estate has bought a residential real estate building in Phoenix, Arizona in the U.S. at a total value of $11.6 million.

This investment comes within the company’s expansion plan on the international level to fulfill its strategy, according to a bourse statement on Monday.

The Kuwait-based firm noted that this investment will be registered as a real estate asset in the income statements of the fourth quarter of 2018; thus, the company’s asset value will increase by nearly KWD 3.5 million.