Dubai property fund Al Mal Capital REIT buys two school campuses for Dh300m
Fund is leasing back the campuses to the school operator Al Shola
Dubai: The DFM-listed Al Mal Capital REIT, which is managed by a subsidiary of Dubai Investments, has bought two campuses of Al Shola Private Schools in Ajman for Dh300 million pursuant to a sale and leaseback transaction. The campuses have been leased back to the operator for a long-term period on a triple net basis for management and operation.
“The acquisition of these schools is part of the investment mandate of Al Mal Capital REIT to acquire income-generating real estate assets with a strong focus on education and healthcare sectors,” said Naser Al Nabulsi, Vice-Chairman and CEO of Al Mal Capital. “The acquisition marks our first transaction this year and is a very optimistic move in terms of channelising the resources in line with the mandate of the REIT.”
Al Shola operates five schools (three in Sharjah and two in Ajman) with a total current number of students of circa 10,700 and a total capacity of almost 13,250 students. “Al Shola Group will strive to capitalize on the opportunities in the sector and will continue to pursue a growth-focused strategy aimed at enhancing and maintaining the infrastructure while strengthening the student portfolio and ratio,” said Abdallah Omran, Chairman of Al Shola Group. “We are confident that Al Mal Capital REIT will help to facilitate fair returns for both parties.”