[ad_1]
Abu Dhabi-listed investment management company Waha Capital, through its wholly-owned subsidiary Waha Land, has agreed to sell 17 leasehold warehouse buildings on 5 plots in the Almarkaz Industrial Development Zone to Peninsula Real Estate Management Limited, a real estate investment company The company is incorporated in the Abu Dhabi Global Market for AED 555 million.
The all-cash transaction for approximately 362,000 square meters of industrial space in the development is expected to be completed by the end of 2022, subject to regulatory approvals and mutually agreed terms.
In addition to these five parcels, The Peninsula Hotels has agreed to acquire another 136,000 sqm of completed and income-producing industrial properties currently under development by Wahaha in the future, with leases expected to commence upon completion in the third quarter of 2023. statement.
After the sale, Wahaha Land will continue to focus on developing the remaining land bank assets it currently owns.With its strong asset development and management capabilities, Wahaha Land
It will also maintain and continue to execute its long-term strategy of developing, leasing and monetizing land and building assets in Almarkaz.
Hazem Saeed Al Nowais, CEO of Waha Land, commented: “Waha Land has over the years transformed this green space, awarded by the Abu Dhabi government, into a Grade A industrial and logistics park. Almarkaz’s real estate development is in line with Abu Dhabi’s 2030 Developed by the Vision Plan to advance the emirate’s industrial and logistics sector and provide investors with light industrial, logistics and warehousing facilities and infrastructure-ready industrial land suitable for the establishment of lighting installations/medium sectors. Based on high value transactions with the peninsula With the success of our company, we are well positioned to continue to execute and implement the long-term business strategy in which we have invested in the continued growth of Almarkaz.”
Peninsula CEO James Gallon commented: “Peninsula is focused on acquiring high-quality institutional real estate within the GCC, and at Wahaha we have found a partner who shares our commitment to excellence and first-class service for them. The Peninsula looks forward to working with Wahaha to develop future phases of Almarkaz and maintain the high level of service Wahaha has long provided to its tenants. The acquisition is one of several transactions that Peninsula will announce in the coming months , as we continue to build a portfolio with a diversified and highly visible cash flow. Peninsula strongly believes in the opportunities offered by the UAE’s investment climate, benefiting from the country’s strong fiscal foundation and ambitious economic vision.”
Located in Al Dhafra, 35km west of Abu Dhabi City, Almarkaz is developed by Waha Land and is a mixed-use industrial development with ‘A’ grade industrial and logistics facilities and state-of-the-art infrastructure. The development is designed to take advantage of the well-connected UAE’s growing industrial and logistics infrastructure, including major land, sea, air and rail routes. The small industrial units in the development are 90% occupied and leased to more than 75 tenants from various industry sectors, including defense, oil and gas, logistics, manufacturing and data centers. –arab trade news agency
[ad_2]
Source link
