Rasmala Investment Bank and Ajman Bank have joined forces to launch a property entity domiciled in the Abu Dhabi Global Market (ADGM).
The new entity - Makaseb Real Estate Investments SPV Limited – has already locked in its first transaction by purchasing a portfolio of UAE logistic and residential assets located in the Dubai Investments Park and Al Jurf, Ajman.
The AED 327 million ($90 million) investment was financed through a combination of equity and a Sharia-compliant financing facility, with Ajman Bank being the seed investor and sole financier.
For investors, the investment is expected to offer yield of over 6-7% per annum with exit options, the duo said in a statement.
‘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,’ said Zak Hydari, group CEO of Rasmala, an alternative investment manager.
This deal adds to Rasmala’s portfolio of investments in the logistics sector in the UAE. Last year, the firm acquired a fully let portfolio of 120 warehouses in the Dubai Investments Park for $140 million.
Outside of the UAE, Rasmala owns Amazon’s biggest UK fulfilment and distribution centre, which it purchased in March 2017 for $82 million.