It extends over an area of 5,400 square meters in the "Commodity Center" ... and includes a self-storage facility
"Share REIT" acquires land in Dubai for 46 million dirhams
Paul Ashton: "The deal confirms that the real estate sector in Dubai remains resilient and attractive."
The Dubai Multi Commodities Center reported yesterday that it had successfully executed a real estate deal that included selling a single plot of land on which a self-storage facility was built to the "Share REIT" fund, for a total price of 46 million dirhams, noting that the sale price was determined based on evaluations obtained The fund shall be provided by two independent and accredited real estate appraisal companies.
The center stated in a statement that the "Musharaka Capital" company is the representative of the fund in its capacity as the manager of the real estate investment traded fund "Musharrakah REIT".
The area of the plot of land acquired by "Share REIT" is about 5400 square meters, and enjoys a strategic location in the Dubai Multi Commodities Center and the commercial area of the Jumeirah Lakes Towers overlooking Sheikh Zayed Road.
The purchase also includes a self-storage building with a total built-up area of 13,860 square meters.
Musharaka Capital will lease the facility to "The Box Self Storage Services" at an initial rental income of 8.7%.
Paul Ashton, Executive Director of Real Estate at the Dubai Multi Commodities Center, said, “The acquisition of the (RET Participation) fund of the plot confirms that the real estate sector in Dubai remains flexible and attractive, in addition to the market’s confidence in the potential of the investment environment provided by DMCC. .
He added that the center has a portfolio of distinguished lands for sale throughout the JLT area, which attracts great interest from various segments of investors and developers who are looking for investment opportunities that achieve strong rental returns.
Ibrahim bin Fahd Al-Assaf, CEO of Mosharka Capital, said: “We acquired through this cross-border deal a plot of land accompanied by a long-term rental income in one of the largest free zones in the world, and its presence within the boundaries of the Dubai Commodities Center. The multi-sector system, which is characterized by a clear regulatory framework and sound compliance standards, makes it a safe and feasible investment and a suitable option for us. ”
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