Two UAE-based firms have joined forces to launch Makaseb Real Estate (RE) Investments, a real estate investment fund based in the Abu Dhabi Global Market.
The new fund has been founded by Ajman Bank and alternative investment manager Rasmala Investment Bank.
The new entity has made its first acquisition – spending $90 million on a portfolio of UAE-based logistic and residential assets.
The financing for the purchase was arranged through a combination of equity and a sharia-compliant financing facility with Ajman acting as a strategic seed investor and sole financier, according to a statement from the bank.
“We are extremely pleased to partner with Rasmala in bringing unique innovative investment solutions to UAE investors,” said Ajman chief executive Mohamed Amiri.
“We continue to address investors’ desire for stable income yielding assets with capital protection and this transaction represents the latest example of the strategy and vision of Ajman Bank whilst contributing to the dynamism of the Emirate of Ajman and the wider UAE economy.”
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