Dubai: Dubai-headquartered Rasmala Investment Bank and Kuwait's Kamco Invest have sold off a major logistics facility in Scotland, fetching them $81 million. The property was sold to Knight Frank Investment Management on behalf of institutional investors from South Korea.
The property is one of the largest logistics facilities operated by Amazon in the UK, extending over an area of more than 1 million square feet. It was purpose-built for Amazon in a key location and close to the main transport networks in Edinburgh.
Eric Swats, Senior Executive Officer of Rasmala, said: “This exit is testimony to the resilience of our real estate portfolio, made up of high-quality income-producing assets that have performed well through the COVID-19 crisis. We are actively looking to strengthen our real estate portfolio through strategic investments that are likely to benefit from the consumption and production trends that have emerged.”
Rasmala invests in real estate assets in a variety of segments including residential, commercial and social infrastructure, with a focus on opportunities in the UK, mainland Europe and the US. The firm recently announced the sale of two Amazon logistics assets in Dortmund, Germany for $155 million.
Mohammad Al-Othman, Executive Director of Real Estate Investments at Kamco Invest, said: “This solidifies our position as a leading player in the income generating commercial real estate market managing a portfolio of Grade “A” international commercial properties in US, UK and Europe valued at $1.12 billion. The exit in such unstable market conditions due to COVID-19 and its impact on global economies only reaffirms our solid real estate investment strategy.”
