Saudi's Musharaka purchases Dubai's DMCC plot for $12.6mln

Musharaka REIT bought the land in JLT, including one of the region's largest self-storage facilities

  
Dubai skyline contains its fair share of architectural novelties and distinctive silhouettes. Dubai Media office twitter account.

Dubai skyline contains its fair share of architectural novelties and distinctive silhouettes. Dubai Media office twitter account.

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)

seban.scaria@refinitiv.com

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© ZAWYA 2020

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