Ajman Bank announced it has launched Makaseb Real Estate Investments SPV Limited in the Abu Dhabi Global Market (ADGM) in collaboration with Rasmala Investment Bank Limited.
The first transaction conducted under the new entity has resulted in acquiring an income-yielding portfolio of UAE logistic and residential assets for a net purchase price of AED 327 million ($ 90 million), according to a press release.
These assets include a combined built-up area (BUA) of approximately 700,000 square feet, consisting of 91 warehouses located in Dubai Investments Park (DIP) and 10 apartments buildings located in Al Jurf, Ajman, Ajman Bank said.
The new firm was financed by a combination of equity and a sharia-compliant financing facility, with Ajman Bank taking part in the transaction as “a strategic seed investor and sole financier.”
This new investment provides investors with unique liquidity opportunities through a share purchase undertaking over the 5-year investment period, the bank highlighted.
The investment is likely to offer a yield of up to 6% to 7% per annum for investors with exit options, the release pointed out.
Mohamed Amiri, CEO of Ajman Bank, said: “We are extremely pleased to partner with Rasmala in bringing unique innovative investment solutions to UAE investors. We continue to address investors’ desire for stable income yielding assets with capital protection and this transaction represents the latest example of the strategy and vision of Ajman Bank whilst contributing to the dynamism of the Emirate of Ajman and the wider UAE economy.”
In turn, the CEO of Rasmala Zak Hydari said: “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.”