Waha Capital agrees sale of leased warehouse assets

Waha Capital agrees sale of leased warehouse assets

Abu Dhabi, United Arab Emirates: Waha Capital PJSC (ADX: WAHA), an Abu Dhabi-listed investment management company, through its wholly owned subsidiary Waha Land, has agreed to the sale of 17 leased warehouse buildings situated on five plots at the ALMARKAZ Industrial Development to Peninsula Real Estate Management Limited (Peninsula), a real estate investment company incorporated in Abu Dhabi Global Market, for AED 555 million.

The all-cash transaction for approximately 362,000 sq.m. of industrial space in the development is expected to close by the end of 2022, subject to regulatory approvals and conditions agreed by the two parties. In addition to the five plots, Peninsula has also agreed to acquire in the future an additional 136,000 sq.m. of completed and income producing industrial properties that Waha Land is currently developing, with leasing expected to commence once construction is completed in Q3 2023.

Following the sale, Waha Land will continue to focus on developing the remaining land bank assets it currently owns. Leveraging its robust asset development and management capabilities, Waha Land will also maintain and continue executing its long-term strategy to develop, lease and monetise land and built assets at ALMARKAZ.

Hazem Saeed Al Nowais, Chief Executive Officer of Waha Land, commented: “Waha Land