Saudi Arabia's Musharaka buys 5,400 sq. m. plot and building in Jumeirah Lakes Towers' district
Deal involves a self-storage facility that has now been leased out
Dubai: The Saudi real estate fund Musharaka has bought a plot featuring a self-storage facility at Dubai's DMCC cluster on Shaikh Zayed Road for Dh46 million. This is one of the bigger commercial property transactions in recent weeks.
The plot spans across approximately 5,400 square metres and located in the Jumeirah Lakes Towers business district. The building has a built area of 13,860 square metres. The Dh46 million price tag was decided after the fund obtained evaluations from two independent real estate accredited valuers.
The facility will be leased by Musharaka to the The Box Self Storage Services Co., with an initial rental yield of 8.7 per cent. According to Paul Ashton, Executive Director – Property, DMCC, said: “Musharaka’s acquisition confirms the resilience of real estate in Dubai - and market confidence in DMCC.
"DMCC has premium plots for sale across Jumeirah Lakes Towers, which are attracting significant interest from diverse range of investors and developers.”
This cross-border transaction has given us a plot of land with an accompanying long-term rental yield in one of the largest free zones in the world