Al Mal Capital REIT's Strategic Expansion: Acquiring Kent College Dubai

Al Mal Capital REIT (AMCREIT), a prominent entity on the Dubai Financial Market (DFM), has expanded its portfolio significantly through the acquisition of Carnation Education, which includes the real estate assets of Kent College Dubai, encompassing both land and buildings.

This strategic acquisition has propelled AMCREIT’s Assets Under Management (AUM) to nearly 1 billion UAE dirhams ($272.2 million), marking a substantial increase for the company. Naser Al Nabulsi, Vice Chairman and CEO of Al Mal Capital, highlighted the transaction's significance in diversifying their asset base across multiple emirates, including Dubai, Sharjah, and Ajman.

Al Nabulsi stated that the acquisition underscores AMCREIT’s commitment to its investors, utilizing the capital raised in the recent rights issue from April 2024. He emphasized the favorable prospects within the K-12 education sector, noting the ongoing expansion with new schools opening in Dubai, which positions AMCREIT advantageously to capitalize on sectoral growth and expand its AUM.

Kent College Dubai, occupying a total plot area of 563,950 square feet under a 25-year lease starting from November 2017, aligns closely with AMCREIT’s investment strategy, offering potential for lease renewal in the future.

Source: Bindu Rai / Zawya