Amanat Holdings sells Dubai school's real estate for Dh453m

Dubai: The investment company Amanat Holdings will be getting Dh453 million from selling the real estate assets held by the North London Collegiate School in MBR City.

In May, Amanat revealed plans to sell the 38,216.95 square metre plot leased to North London Collegiate School. At the time, the DFM-listed company was talking about getting between Dh450 million to Dh500 million for the land sale.

This is another of the big-ticket deals that Dubai’s property market has seen in recent weeks. Earlier, there was the massive Dh2.9 billion one that Emaar paid Amlak for land in Ras Al Khor.

It was in June 2018 that DFM-listed Amanat bought the North London Collegiate School for Dh405 million. (The seller at the time was PNC Investments, parent company of Sobha Group.)

In a statement, Amanat said: “The sale (of North London collegiate School) is in line with the company’s strategic objective to create shareholder value and to focus on core investments – healthcare and education.”

There have been multiple deals involving schools and assets held by schools in the UAE in recent times. The stake sale by GEMS was one of the most significant transactions during the period. Then there were the stake buys by UAE investment giants Dubai Holding and Mubadala in the UK school operator Nord Anglia Education.