Rasmala, 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 Dh300 million ($81.65 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, the company said.

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 Dh1 billion ($272 million) in real estate transactions over the next 12 months.” - TradeArabia News Service