Dubai – Mubasher: Amanat Holdings on Wednesday announced completing the acquisition of the real estate assets of North London Collegiate School (NLCS) Dubai for AED 360 million ($98 million).
The GCC’s largest healthcare and education investment firm has also committed up to AED 45 million ($12.3 million) towards the school’s future expansion plans, according to the company's statement.
Dubai-based Amanat has acquired the real estate from PNC Investments, the parent company of the Sobha Group.
“This acquisition is in line with our corporate strategy to broaden our capabilities while building on Amanat’s strong sector expertise in healthcare and education,” Amanat's chairman Hamad Abdulla Alshamsi commented.
Investment in the GCC’s K-12 private education market is very attractive, particularly in the UAE, as demand for private school enrolment is expected to increase, the company's managing director Shamsheer Vayalil noted.
It is worth noting that Amanat is seeking to boost its footprint in the Middle East education sector. Vayalil previously stated in December 2017 that the company would invest about AED 1.8 billion ($490 million) in acquisitions in the healthcare and education sectors.