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Dubai-listed Al Mal Capital REIT has acquired the real estate assets of Sharjah’s Wesgreen International School from Al Batha Real Estate for AED 265 million ($72.14 million).
The school, which has two campuses – Muwaliah and Al Qaraien, is currently leased to and operated by GEMS Education, offering British curriculum.
After the acquisition, GEMS will continue to be the lessee and operator of the school under the existing lease agreement, Al Mal Capital said in a statement to the Dubai Financial Market (DFM), where its shares trade.
“[The school] will continue to operate as before on the same campus as part of the GEMS network of schools. We look forward to a long and fruitful working relationship with Al Mal Capital REIT as the new landlord of the school,” said Zafar Raja, Chief Operating officer of GEMS Education.
Considered one of the premium schools in Sharjah with a student population of 3,500, Wesgreen has a total plot area of approximately 1.4 million square feet.
The acquisition is in line with the company’s “investment mandate with a strong focus on education and healthcare”, according to Naser Al Nabulsi, Vice Chairman and CEO of Al Mal Capital.
“By successfully concluding the acquisition of Wesgreen International Private School, [the company] has set its footprint in the developed K-12 education segment in the emirate of Sharjah,” said Al Nabulsi.
(Writing by Cleofe Maceda; editing by Seban Scaria)
