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."