Makaseb Real Estate Investments Launched by Ajman Bank in Collaboration with Rasmala Investment Bank Limited
Ajman Bank, in collaboration with Rasmala Investment Bank Limited (‘Rasmala’), a leading alternative investment manager, has announced the launch of Makaseb Real Estate Investments SPV Limited, domiciled in the Abu Dhabi Global Market (“ADGM”).
The first transaction under the new entity has resulted in the acquisition of an outstanding income yielding portfolio of UAE logistic and residential assets for a net purchase price of AED 327 million (USD 90 million). These assets have a combined built-up area of nearly 700,000 sq.ft (BUA) comprising 91 warehouses, strategically located in Dubai Investments Park (DIP), and 10 apartments buildings located in Al Jurf, Ajman. The investment was financed through a combination of equity and a Sharia-compliant financing facility, with Ajman Bank participating in the transaction as a strategic seed investor and sole financier.
Uniquely there are liquidity windows for investors through a share purchase undertaking over the 5-year investment period. The investment is expected to offer an impressive yield of over 6-7% per annum for investors with exit options.
Commenting on the transaction, Mohamed Amiri, Chief Executive Officer of Ajman Bank, said: “We are extremely pleased to partner with Rasmala in bringing unique innovative investment solutions to UAE investors. 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.”
Zak Hydari, Group Chief Executive Officer of Rasmala, said: “This transaction is a testament to our strong relationship with Ajman Bank and demonstrates our confidence in the UAE economy. In keeping with our mission, we have worked closely with Ajman Bank to structure and launch innovative products for UAE investors and for the first time utilising the ADGM platform.”
Hany Sabry, SVP – Head of Investment Banking for Ajman Bank, stated, “We are always keen to offer our clients attractive and diverse investment opportunities with the core objective of delivering strong return on investment. Our collaboration with Rasmala will provide us with an enhanced set of capabilities and is crucial part of our growth strategy that our customers can benefit from.”
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About Rasmala (www.rasmala.com)
Established in 1999, Rasmala Investment Bank Limited (‘Rasmala’) is a leading alternative investment manager. Rasmala provides investment management solutions to pension funds, family groups, corporations and government institutions. Rasmala is regulated by the Dubai Financial Services Authority (‘DFSA’).
About Ajman Bank (www.ajmanbank.ae)
Ajman Bank has been incorporated as a Public Joint Stock Company listed on DFM since 2008, supported by the Government of Ajman as the largest shareholder, with paid up capital of AED 2.1 billion.
The Bank is regulated and licensed by the Central Bank of the UAE and the Securities & Commodities Authority (“SCA”) and has been assigned a Long-Term Issuer Default Rating (IDR) of BBB+ with a stable outlook by Fitch Rating.
In 2018, Ajman Bank was awarded “Fastest Growing Bank in the UAE” for the 5th consecutive year by CPI Financial as a result of its continued growth and exceptional financial results.