London and Dubai, 28 August 2016: Rasmala (‘Rasmala’ or ‘the Group’), an independent investment management group, today announced that it has completed the acquisition of 72 warehouses in Dubai covering nearly 600,000 sq. ft. (BUA) for approximately AED 300 million in partnership 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. 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 AED 1 billion in real estate transactions over the next 12 months.”
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About Rasmala www.rasmala.com
Rasmala is an independent investment management group. Rasmala provides investment management solutions to pension funds, family groups, corporations and government institutions. Rasmala PLC is listed on the AIM market of the London Stock Exchange and is authorised and regulated by the Financial Conduct Authority (“FCA”). Rasmala operates regulated entities in the UAE and Egypt.