New entity Makaseb Real Estate Investments completes first transaction to buy UAE logistic and residential assets
Ajman Bank, in collaboration with Rasmala Investment Bank Limited, an alternative investment manager, has announced the launch of Makaseb Real Estate Investments SPV Limited, domiciled in the Abu Dhabi Global Market (ADGM).
The first transaction under the new entity has resulted in the acquisition of a portfolio of UAE logistic and residential assets for a net purchase price of AED327 million ($90 million).
These assets have a combined built-up area of nearly 700,000 sq ft comprising 91 warehouses, located in Dubai Investments Park, and 10 apartments buildings located in Al Jurf, Ajman, a statement said.
The investment was financed through a combination of equity and a Sharia-compliant financing facility, with Ajman Bank participating in the transaction as a strategic seed investor and sole financier, it added.
Mohamed Amiri, CEO of Ajman Bank, said: “We are extremely pleased to partner with Rasmala in bringing unique innovative investment solutions to UAE investors.”
Zak Hydari, group CEO of Rasmala, added: “This transaction is a testament to our strong relationship with Ajman Bank and demonstrates our confidence in the UAE economy. In keeping with our mission, we have worked closely with Ajman Bank to structure and launch innovative products for UAE investors and for the first time utilising the ADGM platform.”