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
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.”