Dubai real estate fund Al Mal Capital REIT buys two school campuses for MAD 300 million
Dubai: Al Mal Capital REIT, listed on the DFM, which is managed by a subsidiary of Dubai Investments, has purchased two campuses of Al Shola private schools in Ajman for 300 million dirhams as part of a sale-leaseback transaction. The campuses have been re-let to the operator for a long term on a triple net basis for management and operation.
“The acquisition of these schools is part of Al Mal Capital REIT’s investment mandate to acquire income-generating real estate assets with a strong focus on the education and health sectors,” said Naser Al Nabulsi , vice president and CEO of Al Mal Capital. . “The acquisition marks our first transaction this year and is a very optimistic decision in terms of channeling resources in accordance with the REIT’s mandate.”
Al Shola operates five schools (three in Sharjah and two in Ajman) with a current total number of students of around 10,700 and a total capacity of around 13,250 students. “Al Shola Group will strive to capitalize on the opportunities of the sector and will continue to pursue a growth-oriented strategy aimed at improving and maintaining the infrastructure while strengthening the portfolio and the student ratio,” said Abdallah Omran, president from Al Shola Group. “We are confident that Al Mal Capital REIT will help facilitate equitable returns for both parties.”