Dubai investment bank has purchased Amazon’s Germany logistics centres as it completes two simultaneous acquisitions in Germany
Dubai investment bank, Rasmala, has acquired two new logistics real estates in Germany simultaneously under its strategy to expand its logistics real estate. It completed the acquisition through its asset management subsidiary, Rasmala Investment Bank, London-listed (AIM) firm said. Both of the warehouse facilities are located in the new Grade A Westfalenhuette logistics park, north-east of Dortmund, Germany. With these acquisitions, Rasmala has expanded its portfolio of investments in the logistics sector and its further plans in the logistics sector include acquisitions worth $1 billion.
While one of the logistic real estate acquisition by Rasmala involves Amazon, the other facility is let to a subsidiary of Decathlon, the sports goods retailer. Rasmala has acquired both the facilities at a total price of $185 million.
Out of them, it bought Amazon’s major new logistics centre in Dortmund for $145 million which is spread over an area of 88,000 sq. m. Rasmala acquired the Decathlon subsidiary space at a price of $40 million.
Earlier, in a transaction believed to be the biggest ever single logistics property deal in Scotland, Rasmala had purchased Amazon’s biggest UK fulfilment and distribution centre for $82 million in March 2017. The facility is located in Dunfermline and spans an area of 1 million sq. ft. (93,000 sq. m).
Apart from Europe, Rasmala has invested in Dubai, where it acquired a fully let portfolio of 120 warehouses for $140 million. This real estate is located in Dubai Investments Park, close to the Jebel Ali Free Zone in Dubai.
Group chief executive at Rasmala Group, Zak Hydari said that Rasmala’s acquisition of over $400 million of logistics assets demonstrates its appetite for stable income-yielding assets. He said that well-sited logistics centres let to the right tenants have become a critically important part of any large real estate portfolio. Hydari added that real estate is going to remain a key strategic pillar of Rasmala’s 2018 plans leveraging its expertise in acquiring attractive assets in the most in-demand asset categories, let to blue-chip tenants.