Rasmala acquires 72 warehouses in DIP for $81m

The transaction was financed through a combination of equity and Shari’a compliant financing facility, with Ajman Bank participating as a strategic seed investor

The warehouses in DIP.
The warehouses in DIP.

Independent investment management group Rasmala has completed the acquisition of 72 warehouses in Dubai, covering nearly 55,741 sqm (BUA), for approximately $81.6m (AED300m).

Located in Dubai Investments Park (DIP), the mixed-use site benefits from close proximity to Jebel Ali Free Zone (JAFZA), a major regional sea port and business hub in the emirate.

The acquisition of the warehouses, in partnership with Ajman Bank and other leading Gulf investors, is through a sale and leaseback arrangement for the next seven years, the company said.

These properties are sub-let to a diverse group of 31 high-quality tenants operating in sectors such as F&B, retail and manufacturing.

The transaction was financed through a combination of equity and Shari’a compliant financing facility, with Ajman Bank participating as a strategic seed investor and sole financier.

Mohamed Amiri, chief executive officer of Ajman Bank, said: “We remain at the forefront of supporting innovative Shari’a compliant investment solutions for regional investors through our strategic tie-up with Rasmala.

"This transaction also shows our commitment to the UAE economy which continues to demonstrate robust growth and remains attractive for investors.”

Zak Hydari, group chief executive officer of Rasmala, said: “This warehouse acquisition demonstrates our commitment to the UAE market and builds on our close partnership with Ajman Bank.

"We plan to invest an additional $272m (AED1bn) in real estate transactions over the next 12 months.”

Most popular

Awards

CW Oman Awards 2020: Meet the winners
A round of the thirteen winning names at the Construction Week Oman Awards 2020 that

Conferences

Leaders UAE 2020: Building a sustainable, 'resilient' infra
AESG’s Phillipa Grant, Burohappold’s Farah Naz, and Samana's Imran Farooq on a sustainable built environment
CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this

Latest Issue

Construction Week - Issue 767
Sep 01, 2020