Dubai-based asset manager Rasmala has bought 72 warehouses in a sharia-compliant real estate investment deal backed by Ajman Bank.
The acquisition, for 300 million dirhams ($82 million), was structured as a sale and leaseback arrangement for the next seven years. The firm says the 31 tenants are in sectors such as food and beverage, retail and manufacturing.
Zak Hydari, group chief executive of Rasmala, said the firm plans to invest another billion dirhams ($272 million) in UAE real estate in the next twelve months. Mohamed Amiri, chief executive of Ajman Bank, described the deal as an innovative sharia-compliant investment solution.
Covering nearly 600,000 square feet, the warehouses are situated in Dubai Investments Park, a mixed-use complex close to Jebel Ali Free Zone, a sea port and business hub.
Islamic law, known as the sharia, prohibits interest on money but permits investors to earn rent. Sharia-compliant investments, such as sukuk, are typically structured around an underlying real asset such as property.
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