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Amanat in $110m takeover of Sobha parent company assets

Amanat will spend $12m on an expansion project for the North London Collegiate School Dubai as part of the acquisition agreement

Amanat acquired NLCS Dubai real estate assets for $98m.
Amanat acquired NLCS Dubai real estate assets for $98m.

Amanat Holdings has acquired North London Collegiate School (NLCS Dubai) in a property takeover that could be worth up to $110m (AED405m).

PNC Investments, the parent company of developer Sobha Group, sold the real estate assets to Amanat for an initial fee of $98m (AED360m), but with a commitment that the latter will invest $12.2m (AED45m) on an expansion project for the school.

It is the Dubai Financial Market-listed Amanat's first social infrastructure deal.

READ: KEF Infra and US-based Katerra complete merger

Sitting on a 38,000m² plot in the mixed-use Sobha Hartland development in Mohammed bin Rashid Al-Maktoum City, the international school is the second overseas campus for  NLCS.

It boasts eight scientific laboratories, a performing arts centre, and a mix sports facilities, including tennis courts, a cricket ground, rugby field, and two indoor swimming pools.

Amanat is a prominent investor in the GCC education and healthcare sectors, and is eyeing up new opportunities as it looks to balance its portfolio.

"This acquisition is in line with our corporate strategy to broaden our capabilities while building on Amanat’s strong sector expertise in healthcare and education," Amanat's chairman, Hamad Abdulla Alshamsi, said.

"This is the first social infrastructure transaction for Amanat and we are confident it will allow us to enhance returns for shareholders. Additionally, it enables Amanat to continue supporting the education sector in the UAE and contributing towards our people’s prosperity."

Managing director of Amanat, Dr Shamsheer Vayalil, called the takeover of NLCS Dubai a "highly attractive" acquisition that would "generate long-term, secure cash flows" and balance the firm's portfolio through a broader mix of assets.

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Construction Week - Issue 749
Sep 15, 2019