Dubai - Mubasher: Al Mal Capital REIT, the first REIT listed on the Dubai Financial Market (DFM) and a subsidiary of Dubai Investments, has acquired two school campuses of Al Shola Private Schools in Ajman in exchange for AED 300 million.

The two school campuses of Al Shola Private Schools in Ajman were leased back to the operator for a long-term period on a triple net basis for management and operation, according to a press release on Sunday.

The two acquired schools span over a total land area of around 300,000 square feet and a built-up area of around 495,800 square feet.

Al Mal Capital was advised by Al Tamimi & Co and CBRE for its first acquisition in 2021.

The Vice-Chairman and CEO of Al Mal Capital, Naser Al Nabulsi, said: "With the educational sector bolstering and attracting significant interest in the investment landscape, these acquisitions are positioned to generate cash flows enabling incremental monetisation of the investment through consistent dividends."

Meanwhile, the Vice Chairman of the board and General Manager of Al Shola Schools, Ibrahim Barakeh, commented: "This agreement aims to provide more financial efficiency for the group of schools ensuring the cash flows necessary for proper operation, as well as to provide the necessary support towards enhancing the quality of education coupled with qualified human competencies, modern technologies and other parameters that facilitate good education to the students in the UAE."