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Mon 22 Jan 2018 07:59 AM

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Dubai bank acquires Amazon's new logistics centre

Rasmala said plans to deploy $1bn into logistics assets remain on track

Dubai bank acquires Amazon's new logistics centre
Dubai investment bank Rasmala acquired two logistics facilities in Germany for $185 million (€154 million), one of which is a major new Amazon logistics centre. Photo credit should read PETER ENDIGAFPGetty Images

Dubai investment bank Rasmala has acquired  two logistics facilities in Germany for $185 million (€154 million), including Amazon's major new logistics centre in Dortmund.

The Amazon centre, which spans 88,000 sq.m, was acquired for $145 million. Rasmala simultaneously acquired a second facility, a $40 million (€33 million) logistics centre let to a subsidiary of Decathlon, the sports goods retailer.

Both facilities are located in the new Grade A Westfalenhuette logistics park, north-east of Dortmund, Germany. 

The London-listed (AIM) firm said the  acquisition was completed through Rasmala’s asset management subsidiary, Rasmala Investment Bank.

The acquisitions add to Rasmala’s portfolio of investments in the logistics sector, with plans to deploy $1 billion into logistics assets remaining on track.

In March 2017, Rasmala purchased Amazon’s biggest UK fulfilment and distribution centre, which covers 1 million sq.ft. (93,000 sq.m) located in Dunfermline, Scotland, for $82 million (£61 million). That transaction is believed to be the biggest ever single logistics property deal in Scotland.

Outside Europe, Rasmala acquired a fully let portfolio of 120 warehouses in Dubai Investments Park, close to the Jebel Ali Free Zone in Dubai for $140 million.

“Rasmala’s acquisition of over $400 million of logistics assets demonstrates our appetite for stable income-yielding assets,” said Zak Hydari, group chief executive at Rasmala Group.

“Well-sited logistics centres let to the right tenants have become a critically important part of any large real estate portfolio.

“Real estate is going to remain a key strategic pillar of our 2018 plans leveraging our expertise in acquiring attractive assets in the most in-demand asset categories, let to blue-chip tenants,” he added.

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