Abu Dhabi: «The Gulf»
Waha Capital announced that it had concluded, through its wholly owned subsidiary, Waha Land, a deal to sell 17 buildings of leased industrial warehouses distributed over five plots of land in the Markaz industrial real estate project to Peninsula Real Estate Management Ltd., a specialized company. In real estate investments registered in the “Abu Dhabi Global Market”, for 555 million dirhams.
The total industrial areas included in the deal are approximately 362,000 square meters. The value of the transaction will be paid in full in cash and is expected to be completed by the end of 2022 following obtaining the necessary regulatory approvals and meeting the mutually agreed terms. In addition, the Peninsula agreed to acquire in the future additional fully built and income-generating industrial real estate with an area of 136,000 square meters, which is currently being developed by “Waha Land” and is expected to start leasing once the construction works are completed during the third quarter of 2023.
After the completion of the sale transaction, Waha Land will continue to move forward in the process of developing the assets of the remaining land portfolio it currently owns. The company, benefiting from its strong capabilities and long experience in the field of asset development and management, will continue to implement its long-term strategy for developing, leasing and monetizing lands and assets with the continuation of construction in the “Markaz” project.
Industrial and logistical facilities
Hazem Saeed Al Nowais, CEO of Waha Land Company, said: “Over the course of many years, Waha Land has succeeded in transforming the current site of the Markaz project from undeveloped land granted by the Abu Dhabi government into a first-class industrial and logistics complex. And here we are continuing to work on the completion of this promising project to support the realization of Abu Dhabi Vision 2030, which aims to develop the industrial and logistics sector in the emirate. The center project provides investors with industrial and logistical facilities and warehouses for light industries in Abu Dhabi, in addition to industrial lands equipped with infrastructure of light and medium industries. The success of this landmark transaction with Peninsula will enhance our ability to move forward with our long-term strategy to invest in the ongoing development of the Centre.”
James Gallon, CEO of Peninsula, said: “The Peninsula is focused on acquiring high-quality institutional properties in the GCC region, and we have found Oasis Land an ideal partner who shares our commitment to excellence and offering best-in-class facilities to tenants. Peninsula looks forward to cooperating and working with Oasis Land, in developing the future phases of the center project, while maintaining the outstanding levels of service that Oasis Land used to provide to its tenants. This acquisition comes among a number of deals that Peninsula will announce in the coming months, as we continue to build a diversified real estate portfolio with diversified and promising cash flows. We are convinced that the investment scene in the UAE is full of promising opportunities, thanks to the country’s strong financial foundations and an ambitious economic vision.”
It is noteworthy that the “Markaz” project, located in the Al Dhafra region, 35 kilometers west of Abu Dhabi city, is a mixed-use industrial project developed by the Oasis Land Company, and it includes first-class industrial and logistical facilities and high-quality infrastructure. The project is ideally located, taking advantage of the UAE’s growing industrial and logistical infrastructure, which includes major roads, land, sea, air and railways. It is worth noting that the occupancy rate of the industrial units in the project is 90%, and they are leased to more than 75 tenants representing various industrial sectors, including defense industries, oil and gas, logistics, manufacturing and data centers.