||United Arab Emirates : Rasmala expands investment portfolio in logistics industry
||In its latest bid to tap into the explosive boom in e-commerce, Dubai investment bank Rasmala has bought a major new million-square foot Amazon distribution center in Germany.
The new logistics centre was bought in a deal worth $145 million (Dh533 million).
At the same time, Rasmala bought a second facility, a $40 million logistics centre leased to an arm of Decathlon, the sports goods retailer.
The two facilities exist in the new Grade A Westfalenhuette logistics park, north-east of Dortmund, Germany.
The acquisitions expand Rasmalas investment portfolio in the logistics industry.
Naseer Aka, Head of Real Estate at Rasmala, stated: E-commerce continues to grow its market share. As a result, distribution centres have taken over from traditional retail space as drivers of rental growth. As the leading e-retailer in the United States and the worlds biggest retailer by market value, Amazon is the kind of blue chip tenant we want.
Zak Hydari, group chief executive of Rasmala Group, notedd: Rasmalas acquisition of over $400 million of logistics assets demonstrates our appetite for stable income-yielding assets. Real estate is going to remain a key strategic pillar of our 2018 plans leveraging our expertise in acquiring attractive assets in the most in-demand asset categories, let to blue-chip tenants.
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