Dubai, 20 May2019: Ajman Bank, in collaboration withRasmalaInvestment Bank Limited (‘Rasmala’), aleading alternative investment manager,hasannounced the launch of Makaseb Real Estate InvestmentsSPV Limited, domiciled in the Abu Dhabi Global Market (“ADGM”).
The first transaction under the new entity has resulted in the acquisition of anoutstanding income yielding portfolio of UAE logistic and residential assets for a net purchase price of AED 327 million(USD90million).These assets have a combined built-up area of nearly 700,000 sq.ft (BUA) comprising 91 warehouses, strategically located in Dubai Investments Park (DIP), and 10 apartments buildings located in Al Jurf, Ajman. The investment was financed through a combination of equity and a Sharia-compliant financing facility, with Ajman Bank participating in the transaction as a strategic seed investor and sole financier.
Uniquely there are liquidity windows for investors through a share purchase undertaking over the 5-year investment period.The investment is expected to offer an impressive yield of over 6-7% per annum for investors with exit options.
Commenting on thetransaction, Mohamed Amiri, Chief Executive Officerof Ajman Bank, said: “We are extremely pleased to partner with Rasmalain 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.”
Zak Hydari, Group Chief Executive Officer of Rasmala, 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.”
Hany Sabry, SVP – Head of Investment Banking for Ajman Bank, stated, “We are always keen to offer our clients attractive and diverse investment opportunities with the core objective of delivering strong return on investment. Our collaboration with Rasmala will provide us with an enhanced set of capabilities and is crucial part of our growth strategy that our customers can benefit from.”