Dubai's Manrre real estate fund eyes growth amid e-commerce boom
Dalma Capital-backed fund acquired Arabtec's staff facility in Dubai Investments Park under a sale-and-leaseback model
Dubai International Financial Centre-incorporated (DIFC) real estate investment company Manrre has published its first yearly results, reporting a total annualised return of 12.5%, including an 11.9% coupon paid to shareholders and a 0.6% increase in net asset value (NAV) per share.
The real estate investment fund – managed by Dubai-based investment company Dalma Capital – said growing demand from its tenants for warehouses, logistics facilities, and centralised kitchens, spurred by increasing activity in the e-commerce and tech sectors, contributed to the performance of the fund despite lowered real estate sentiment.
The company said in a statement that its acquisition of Arabtec’s staff accommodation facility in Dubai Investments Park under a sale-and-leaseback model had contributed to the fund's success.
Commenting on market trends, chief executive officer of Dalma Capital, Zachary Cefaratti, said: “The logistics and industrial real estate sectors are benefiting from the regional e-commerce boom, underpinned by the launch of Noon and Amazon.ae. As we have seen in other markets, when retail spending behaviour shifts to online shopping, real-estate demand shifts from retail centres to warehouses.
“The 21st century mall is an Amazon fulfilment centre.”