Diversifies its asset portfolio by having assets across Emirates
DUBAI: Al Mal Capital REIT, the first REIT listed on Dubai Financial Market, acquired a 100 per cent equity interest in Carnation Education LLC (“Carnation”).
Carnation is holding the real estate assets comprising the freehold land and buildings of Kent College Dubai (“Kent College”). The school is built on land with a total plot area of 563,950 square feet and a built-up area of 334,170 square feet.
Carnation has leased the land and buildings to Kent College for a 25-year period (initially commenced in November 2017) with agreed lease rentals, which can be further renewed for a similar period, which is in line with the investment mandate of AMCREIT.
“The acquisition of Kent College is a testimony to Al Mal Capital REIT’s well-defined strategy of investing in high quality education assets in the UAE. The acquisition has further diversified the asset portfolio by now having assets across various Emirates including Dubai, Sharjah and Ajman,” Naser Al Nabulsi, Vice Chairman and CEO of Al Mal Capital, said.
Moreover, he said the acquisition has also bolstered the Assets under Management which has touched nearly AED 1 billion, a significant milestone in the journey since the commencement of its operations in January 2021.
