Al Mal Capital REIT (AMCREIT), a Dubai-listed real estate investment trust, has acquired Carnation Education, which possesses the real estate assets of Kent College Dubai. This acquisition raises AMCREIT’s Assets Under Management (AUM) to nearly 1 billion UAE dirhams ($272.2 million). This move diversifies its asset portfolio across Dubai, Sharjah, and Ajman. According to Naser Al Nabulsi, Vice Chairman and CEO of Al Mal Capital, the acquisition aligns with AMCREIT’s commitment to its unitholders, utilizing capital raised from a recent rights issue in April 2024. The K-12 education sector’s growth prospects in Dubai further support AMCREIT’s strategic expansion. Kent College holds a 25-year lease that began in November 2017, with an option for renewal, aligning with AMCREIT’s investment mandate.
Real Estate, Education, Investment Management,United Arab Emirates, Dubai
https://www.zawya.com/en/markets/equities/dubai-listed-al-mal-capital-reit-acquires-carnation-education-tee7o2k0