Abu Dhabi-based investment management company Waha Capital, through its wholly owned subsidiary Waha Land, has agreed to the sale of 17 leased warehouses for AED 555 million ($151 million).

The warehouses will be sold to Peninsula Real Estate Management Ltd., a real estate investment company incorporated in Abu Dhabi Global Market, the firm said in a statement on Tuesday.

The all-cash transaction is expected to close by the end of 2022, subject to regulatory approvals and conditions agreed by the two parties, it said.

In addition to the five plots, Peninsula has also agreed to acquire in the future an additional 136,000 sq.m. of completed and income producing industrial properties that Waha Land is currently developing, with leasing expected to commence once construction is completed in Q3 2023.

(Writing by Brinda Darasha; editing by Seban Scaria)