Rasmala, an independent investment management group, has completed the purchase of 72 warehouses in Dubai for AED 300mn ($82mn).
The acquisition of the property, which covers nearly 600,000 square feet, was carried out with Ajman Bank and other leading Gulf investors.
Located in Dubai Investments Park, a mixed-use industrial, commercial and residential complex, the site benefits from close proximity to Jebel Ali Free Zone, a major regional sea port and business hub in the Emirate.
The acquisition of the warehouses is through a sale and leaseback arrangement for the next seven years. Properties are sub-let to a diverse group of 31 tenants operating in sectors such as F&B, retail and manufacturing.
The transaction was financed through a combination of equity and Sharia compliant financing facility, with Ajman Bank participating as a strategic seed investor and sole financier.
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 AED 1 billion in real estate transactions over the next 12 months.