Al Mal Capital REIT acquires the real estate assets of Wesgreen International School from Al Batha Real Estate in an AED 265 million deal, which accounts for $72 million.
The Wesgreen International School has two campuses, Muwaliah (main campus) and Al Qaraien (secondary campus). The school is operated by GEMS Education.
“Al Mal Capital REIT continues to implement its well-defined strategy of acquiring high-quality real estate assets in line with its investment mandate with a strong focus on education and healthcare. By successfully concluding the acquisition of Wesgreen International Private School, we have set our footprint in the developed K-12 Education segment in the Emirate of Sharjah. The transaction has been well structured and is set to deliver the defined financial objectives of AMCREIT to its unit holders throughout the lease term. With the education sector bolstering and attracting significant interest in the overall investment landscape, this acquisition is a very optimistic move in deploying the resources as per REIT’s mandate,” Naser AlNabulsi, Vice Chairman and CEO of Al Mal Capital, said.
Al Mal Capital REIT is a closed-ended real estate investment trust, listed on the Dubai Financial Market, and managed by Al Mal Capital, founded in 2005 as a leading investment advisory and asset management firm regulated by SCA, and a subsidiary of Dubai Investments PJSC.
Founded in 1959, GEMS Education is a home-grown UAE company that provides high-quality education across multiple curricula. GEMS Education has over 44 schools located in UAE and Qatar and they also have schools located across KSA, Egypt, Europe, Africa, India, Southeast Asia, and North America.
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