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Wahaha CapitalIts shareholders include Abu Dhabi-based Mubadala Investments, which has agreed to sell its 17 leased warehouse buildings on five plots in the Almarkaz industrial development for AED 555 million ($151.1 million). To Peninsula Realty Management.
The all-cash transaction for about 362,000 square meters of industrial space in the development is expected to be completed by the end of 2022, subject to regulatory approvals, the Abu Dhabi-listed investment manager said in an exchange filing on Monday. .
Hazem Al Nowais, CEO of Waha Land, a wholly-owned subsidiary of Waha Capital, said Almarkaz’s real estate development was developed in accordance with Abu Dhabi’s Vision 2030 plan, which aims to advance the emirate’s industrial and logistics sectors.
“For several years, Wahaha has transformed this green space, awarded by the Abu Dhabi government, into a Grade-A industrial and logistics park,” he said.
Located in Al Dhafra, 35km west of Abu Dhabi, Almarkaz is being developed by Waha Land as a mixed-use industrial development.
The development is designed to provide easy access to the 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 over 75 tenants from various industry sectors, including defence, oil and gas, logistics, manufacturing and data centres.
In addition to the five parcels, Peninsula, a real estate investment company incorporated in the Abu Dhabi Global Market, has also agreed to acquire an additional 136,000 sqm of completed and income-producing industrial properties currently under development by Waha Land.
Leases are expected to begin when construction is completed in the third quarter of next year.
After the sale, Waha Land will continue to focus on developing the remaining land bank assets it currently owns, the statement said.
“Peninsula looks forward to working with Waha Land to develop future phases of Almarkaz and maintain the high level of service Waha Land has long provided to its tenants,” said James Gallon, Chief Executive Officer of Peninsula.
The acquisition is one of several that Peninsula will announce in the coming months “as we continue to build a portfolio with a diversified and highly visible cash flow”, he added.
Updated: August 15, 2022 at 5:41 pm
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