DUBAI: Investment firm Rasmala said Sunday that it has completed a Dh300 million acquisition of 72 warehouses in Dubai Investments Park on behalf of Ajman Bank and other unnamed “leading Gulf investors.”
The 72 warehouses covering nearly 600,000 square feet will offer a return of over 10 per cent a year, according to a Rasmala statement.
The acquisition is through a sale and leaseback arrangement for the next seven years with the warehouses sub-let to 31 tenants operating in sectors including food and beverage, retail and manufacturing, the statement said. Dubai Investment Park is located near a major regional free zone and port in Jebel Ali.
Ajman Bank was the strategic seed investor and sole financier with equity and a Sharia-compliant financing facility used to finance the transaction, the statement said.
Rasmala plans to invest an additional Dh1 billion in real estate transaction over the next 12 months, group chief executive Zak Hydari, said in the statement.
Rasmala reported in April a £250,000 profit for 2015, down from £600,000 in the previous year. Its assets under management fell to to $1.072 billion from $1.113 billion.
