Rasmala, Ajman Bank acquire 72 warehouses in Dubai Investments Park

Dubai-based investment management firm Rasmala, Ajman Bank and other Gulf investors have acquired 72 warehouses in Dubai Investments Park for Dhs300m ($81.6m).

The investment forms part of UK-listed Rasmala’s plans to invest Dhs1bn in real estate over the next 12 months, according to chief executive Zak Hydari.

The warehouses, covering an area of nearly 600,000 square feet, have been acquired through a sale and leaseback arrangement for the next seven years.

Rasmala said they were sub-let to 31 tenants operating in the F&B, retail and manufacturing sectors.

The transaction was financed through a combination of equity and Sharia complaint financing, with Ajman participating as a seed investors and sole financier.

“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,” said Ajman Bank chief executive Mohamed Amiri.