The well-known investment bank, Rasmala, has recently purchased 72 warehouses in Dubai as part of their plan to acquire AED 1 Billion worth of property in in the UAE and Egypt. Rasmala announced yesterday that it had bought the 600,000 square feet of warehouses in DIP (Dubai Investment Park) from an undisclosed seller for about AED 300 Million. The warehouses, formerly leased to a total of 31 tenants involved in a variety of industries such as retail, food, and beverage, and manufacturing, had been acquired through a sale and leaseback agreement for the next seven years, says the company. Ajman Bank provided the Sharia financing and seed investment. Zak Hydari, chief executive of Rasmala, stated that the warehouse acquisition shows their commitment to the UAE market and close partnership with Ajman Bank. He also announced that the bank is planning to invest AED 1 Billion in real estate in a year, doubling its assets in three years to USD $3 billion.
Rasmala, means ‘capitalisation’ in Arabic, is a London-listed, leading independent investment manager established in 1999. It offers a range of investment solutions through its offices located in London, Dubai, and Cairo.
After a long wait, Dubai’s property market has started showing signs of improvement and subsequently the Reit sector is slowly taking off.