Wednesday 21 October 2020

DMCC completes land sale deal with Saudi Musharaka Capital

ABU DHABI, 29 days ago

DMCC, one of the world's most interconnected free zones and Government of Dubai Authority on commodities trade and enterprise, said it has completed a real estate transaction with Saudi-based Musharaka Capital for a total value of AED46 million ($12.6 million).
The sales deal, linked to a single plot of land with a self-storage facility on it, was completed through Musharaka REIT Fund, which is being managed by Musharaka Capital.
The plot of land acquired by Musharaka spans across 5,400 sq m and is strategically located in the DMCC’s and Jumeirah Lakes Towers (JLT) business district overlooking Dubai’s Sheikh Zayed Road. 
Musharaka’s acquisition also includes a self-storage building with a total built area of 13,860 sqm. The facility will be leased by Musharaka to the ‘The Box Self Storage Services Co.’ with an initial rental yield of 8.7%, said the statement from DMCC.
The price was decided after the fund obtained evaluations from two independent real estate accredited valuers, it added.
Paul Ashton, the executive director for property (DMCC) said: "Musharaka’s acquisition confirms the resilience of real estate in Dubai, and market confidence in DMCC."
"DMCC has premium plots for sale across Jumeirah Lakes Towers which are attracting significant interest from diverse range of investors and developers, who are all searching for strong rental yields," remarked Ashton.
Musharaka Capital CEO Ibrahim Fahad Al Assaf said: "This cross-border transaction has given us a plot of land with an accompanying long-term rental yield in one of the largest free zones in the world."
"DMCC also has the right compliance and regulatory framework in place, making it a safe and attractive investment and the right option for us," he added.
A master developer, DMCC is creating dynamic destinations for businesses and residents in the emirate such as JLT community and the Uptown Dubai District.
The Musharaka REIT fund, which is listed in the FTSE EPRA/Nareit Global Real Estate Index Series, is among a wide range of investment products offered by Musharaka Capital to support both individuals and corporations pursuing their financial goals. 
It is considered one of the best REIT funds in Saudi Arabia and in the region, which is differentiated by the diversity, quality, and high rental returns of its assets.-TradeArabia News Service


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