Saudi-based Musharaka REIT has purchased a plot of land in Jumeirah Lakes Towers from Dubai Multi Commodities Centre (DMCC) at a cost of 46 million UAE dirhams ($12.6 million).
The 5,400sqm plot includes a four storey 13,860 sqm self-storage facility, one of the region’s largest, which will be leased by Musharaka to The Box Self Storage Services Co, with a rental yield of 8.7 percent, DMCC said in press release.
Ibrahim Fahad Al-Assaf, Chief Executive Officer, Musharaka Capital, said: “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. DMCC also has the right compliance and regulatory framework in place, making it a safe and attractive investment and the right option for us.”
(Writing by Seban Scaria; editing by Daniel Luiz)
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