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Musharaka REIT completes acquisition of Dubai warehouse

AED47m purchase financed by Shariah-compliant facility

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Musharaka REIT Fund has completed the legal and regulatory procedures for the acquisition of one of the largest self-storage warehouses in the Middle East, fund manager Musharaka Capital said.

The Saudi Arabia-based Musharaka Capital has already received the title deed for its AED 47 million Dubai-based property, which was financed by a Shariah- compliant credit facility.

The fund manager has also signed a new lease agreement with The Box Self Storage for 25 years AED 4 million per annum with 10 percent rental increment every five years.

The lease agreement is irrevocable for the entire 25 years and extendable for another five years, whereby the payments are guaranteed by bank checks.