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DMCC completes AED 46m real estate transaction with Saudi Musharaka Capital

DMCC completes AED 46m real estate transaction with Saudi Musharaka Capital
Musharaka Capital is the representative of the Fund

UAE – Mubasher: Dubai Multi Commodities Centre (DMCC) has completed a real estate transaction for Saudi Arabia-based Musharaka REIT Fund at a total value of AED 46 million ($12.6 million).

As a fund Manager for Musharaka REIT, Musharaka Capital is the representative of the Fund in the transaction, according to a press release on Monday.

Through the transaction, Musharaka REIT acquired a single plot of land with a self-storage facility on it, spanning across 5,400 square metres (sqm) at the DMCC’s and Jumeirah Lakes Towers (JLT) business district.

The self-storage facility will be leased by Musharaka to the ‘The Box Self Storage Services Co’ in Dubai with an initial rental yield of 8.7%.

Commenting on the acquisition, the Executive Director – Property at DMCC, Paul Ashton, said: "Musharaka’s acquisition confirms the resilience of real estate in Dubai, and market confidence in DMCC."

Meanwhile, the CEO of Musharaka Capital, Ibrahim Fahad Al Assaf, noted: "This cross-border transaction has given us a plot of land with an accompanying long-term rental yield in one of the largest free zones in the world."