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Al Mal Capital REIT (AMCREIT), listed on the Dubai Financial Market (DFM), has acquired Carnation Education, which holds the real estate assets of Kent College Dubai, including the freehold land and buildings.
The deal has bolstered AMCREIT’s Assets Under Management (AUM) to nearly 1 billion UAE dirhams ($272.2 million), following the acquisition, the company said.
“The acquisition has further diversified the asset portfolio by now having assets across various emirates including Dubai, Sharjah and Ajman,” Naser Al Nabulsi, Vice Chairman and CEO of Al Mal Capital said.
Al Nabulsi added the acquisition fulfils AMCREIT’s commitment to its unitholders by fully deploying the capital raised through the recent rights issue in April 2024.
“As the K-12 education sector is well set for further growth as seen from the recent announcements of new schools opening in Dubai, AMCREIT is well-poised to take advantage of the strong sentiments in the sector and grow its AUMs,” he added.
With a total plot area of 563,950 square feet, Kent College holds the lease for a 25-year period, which commenced in November 2017, a statement read. The lease can be further renewed for a similar period, which AMCREIT said was in line with its investment mandate.
(Writing by Bindu Rai, editing by Seban Scaria)
