London and Dubai, 3 May 2017: Rasmala (‘Rasmala’ or ‘the Group’), an independent investment management group, today announced that it has acquired 48 warehouses in Dubai covering over 500,000 sq. ft. (BUA) for approximately US$ 63 million (AED 234 million) in partnership with Ajman Bank and other leading Gulf investors.
The warehouses are located in Dubai Investments Park (DIP), a mixed-use industrial, commercial and residential complex to the east of Jebel Ali Free Zone (JAFZA), a major regional sea port and business hub in Dubai. The acquisition is through a sale and leaseback arrangement with a large UAE conglomerate by way of a triple net lease for a term of 7 years. These properties are sub-let to a diverse group of high quality tenants operating across different sectors. 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 are extremely pleased to work with Rasmala on another landmark transaction. We view our partnership as strategic and long-term in nature and will continue to work closely to bring innovative Islamic investment products to regional investors.”
Zak Hydari, Group Chief Executive Officer of Rasmala, said: “We are pleased to announce another significant acquisition of real estate assets in the UAE and are well positioned to expand our UAE real estate portfolio by a further AED 2 billion.”
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Established in 1999, Rasmala is an independent asset management and investment banking group providing investment management solutions to pension funds, family groups, corporations and government institutions. Rasmala PLC is authorised and regulated by the Financial Conduct Authority (“FCA”). Rasmala Investment Bank Limited is authorised and regulated by the Dubai Financial Services Authority.