UAE's Amanat buys Dubai school real estate assets for $98m

Amanat Holdings says it has completed the acquisition of the North London Collegiate School Dubai
UAE's Amanat buys Dubai school real estate assets for $98m
By Sam Bridge
Wed 27 Jun 2018 02:13 PM

Amanat Holdings, the GCC’s largest healthcare and education investment company, has completed the acquisition of the real estate assets of North London Collegiate School (NLCS) Dubai.

Amanat said it has purchased the real estate from PNC Investments, the parent company of the Sobha Group, for AED360 million ($98 million).

Additionally, Amanat has committed up to AED45 million towards the school’s future expansion plans, it said in a statement.

Located on a 38,000 square metre plot in the Sobha Hartland development at Mohammed bin Rashid Al-Maktoum City, NLCS Dubai’s campus offers amenities including eight science laboratories and a performing arts centre, as well as an array of sporting facilities.

NLCS Dubai is the second overseas campus of NLCS, a leading independent day school founded in 1850 and located in Edgware, London.

Hamad Abdulla Alshamsi, chairman of Amanat, said: “This acquisition is in line with our corporate strategy to broaden our capabilities while building on Amanat’s strong sector expertise in healthcare and education. This is the first social infrastructure transaction for Amanat and we are confident it will allow us to enhance returns for shareholders.

"Additionally, it enables Amanat to continue supporting the education sector in the UAE and contributing towards our people’s prosperity.”

Dr Shamsheer Vayalil, vice chairman and managing director of Amanat, added: “Investing in the GCC’s K-12 private education market is highly attractive; especially in the UAE, where expatriate families, a young population and growing interest from middle and higher income citizens are expected to increase demand for private school enrolment.

"By entering into a sale and leaseback of NLCS Dubai, Amanat is investing in a high-quality asset that will generate long-term, secure cash flows and balance our portfolio across a diverse range of asset classes.”

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