Al Mal Capital REIT Acquires 2nd K–12 Educational Asset

Al Mal Capital REIT (AMCREIT), the first REIT listed on DFM, has announced the acquisition of 100% equity interest in Carnation Education LLC (Carnation). This acquisition includes real estate assets comprising freehold land and Kent College Dubai (Kent College) buildings.

Property Details and Lease Agreement

Kent College is situated on land totalling 563,950 square feet with a built-up area of 334,170 square feet. Carnation Education LLC has leased these assets to Kent College under a 25-year agreement (initially commenced in November 2017), with provisions for renewal, aligning with AMCREIT's investment strategy.

Kent College Dubai Overview

Kent College Dubai, established in 2016, is strategically located in the Wadi Al Safa 3 community on the Dubai - Al Ain Road. It offers the English National Curriculum from Nursery to Year 13, positioning itself as a premium educational institution.

“The acquisition of Kent College is a testimony to Al Mal Capital REIT’s well-defined strategy of investing in high-quality education assets in the UAE. The acquisition has further diversified the asset portfolio by having assets across various Emirates including Dubai, Sharjah and Ajman. Moreover, the acquisition has also bolstered the Assets under Management (“AUM”) which has touched nearly AED 1 billion, a significant milestone in the journey of AMCREIT, since the commencement of its operations in January 2021. The acquisition fulfils the commitment to the unitholders of AMCREIT by fully deploying the capital raised through the recent rights issue in April 2024. With well-structured lease terms and a creditworthy operator, the transaction fits well within the defined investment mandate of AMCREIT. 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.”, said Naser Al Nabulsi, Vice Chairman and CEO of Al Mal Capital.

About Al Mal Capital REIT

Al Mal Capital REIT is a closed-ended real estate investment trust listed on the Dubai Financial Market. Managed by Al Mal Capital, a subsidiary of Dubai Investments PJSC, founded in 2005, it operates as a leading investment advisory and management firm regulated by SCA. The investment team at Al Mal Capital is committed to upholding the highest standards of execution and diligence to achieve optimal returns for its unitholders.