Abu Dhabi – Mubasher: Waha Capital agreed to sell 17 leased warehouse buildings, through its wholly owned subsidiary Waha Land, to Peninsula Real Estate Management for AED 555 million.
The assets are located in five plots at the Almarkaz Industrial Development in Abu Dhabi, according to a recent bourse filing.
Subject to regulatory approvals, the all-cash transaction for nearly 362,000 square metres of industrial space in the development is expected to close by the end of 2022.
Furthermore, Peninsula intends to acquire an additional 136,000 square metres of completed and income-producing industrial properties that Waha Land is currently developing.
The leasing is expected to start once construction is completed in the third quarter (Q3) of 2023.
CEO of Peninsula, James Gallon, said: “Peninsula is focused on acquiring high quality institutional real estate across the GCC.”
During the first half (H1) of 2022, the net profits attributable to the equityholders of Waha Capital plummeted by 67% year-on-year (YoY) to AED 87.28 million, versus AED 264.48 million.
The UAE-based company generated AED 55.37 million in revenue during January-June 2022, compared to AED 65.71 million in the year-ago period.
