Al Mal Capital REIT Boosts Portfolio With Acquisition Of Kent College Dubai

Al Mal Capital REIT (AMCREIT), the first real estate investment trust listed on the Dubai Financial Market, has acquired 100% equity interest in Carnation Education LLC. Carnation holds the real estate assets of Kent College Dubai, which include freehold land and buildings covering a total plot area of 563,950 square feet and a built-up area of 334,170 square feet. The land and buildings have been leased to Kent College for a 25-year period starting in November 2017, with the option to renew for another similar term.

Kent College opened its doors in 2016 and is situated in the Wadi Al Safa 3 community on the Dubai - Al Ain Road. The premium school offers the English National Curriculum to students from nursery through Year 13. This acquisition aligns with AMCREIT's strategy of investing in high-quality education assets in the UAE.

The acquisition of Kent College has diversified AMCREIT's asset portfolio across various emirates, including Dubai, Sharjah, and Ajman. Additionally, it has increased the Assets under Management (AUM) to nearly AED 1 billion since AMCREIT began operations in January 2021. The transaction also fulfills AMCREIT's commitment to unitholders by fully deploying capital raised through a recent rights issue in April 2024.

Naser Al Nabulsi, Vice Chairman and CEO of Al Mal Capital, stated: "As the K-12 education sector is well set for further growth as seen from the recent announcements of new schools opening in Dubai, AMCREIT is well-poised to take advantage of the strong sentiments in the sector and grow its AUMs."

Al Mal Capital REIT is a closed-ended real estate investment trust managed by Al Mal Capital, an investment advisory and investment management firm founded in 2005. Regulated by SCA and a subsidiary of Dubai Investments PJSC, Al Mal Capital's investment team works diligently to ensure optimal returns for its unitholders while maintaining high standards of execution and diligence.