UAE In-Focus: Peninsula acquires 17 leased warehouse buildings; Dubai sees rental growth
DUBAI: Peninsula Real Estate Management Limited has acquired 17 leased warehouse buildings at the AL MARKAZ Industrial Development from Waha Capital, through its wholly owned subsidiary, Waha Land, for 555 million dirhams ($151 million), according to a statement.
AL MARKAZ is a mixed-use industrial development developed by Waha Land in Al Dhafra, 35 km west of Abu Dhabi. It features Grade “A” industrial and logistic facilities and first-class infrastructure, the statement said.
Under the terms of the agreement, the two parties are expected to close the all-cash deal by the end of 2022.
Peninsula CEO James Gallon said in a statement: “This acquisition is one of a number of transactions that Peninsula will be announcing in the months ahead, as we continue to build a portfolio with diversified and highly visible cash flows.”
Along with the five plots that make up 362,000 sq. m, Peninsula has also agreed to purchase an additional 136,000 sq. m of industrial properties currently under development by Waha Land, with leasing expected to begin in the third quarter of 2023 after construction is completed.
Waha Land will continue to develop its remaining land bank assets following the sale. AL MARKAZ’s land and built assets will also continue to be developed, leased, and monetized through Waha Land’s comprehensive asset development and management capabilities.
Aleph Hospitality enters Congo and creates job opportunities
Dubai-based Aleph Hospitality signed a management contract with Congo-based Sokerico Group to operate Kertel Suites in Kinshasa, according to a statement.
The boutique property is set to open in the first quarter of 2023, setting a new benchmark for the hospitality sector in Kinshasa. Across eight African countries, Aleph Hospitality now operates 12 properties, the statement said.
Founder and Managing Director of Aleph Hospitality, Bani Haddad, said: “It’s an interesting time to secure a presence in the heart of Africa, as the Democratic Republic of the Congo is currently investing in the hospitality sector, restoring historical sites and strengthening sustainability within their ecosystem.”
According to Ritesh Hemnani and Kenny Rawtani, owners of Sokerico Group and developers of the project, Kertel Suites will create vast employment opportunities for Congolese residents as part of Aleph’s rapidly growing hospitality group.
Dubai’s rental growth, highest level since May 2014: CBRE
CBRE’s August 2022 Dubai Residential Market Snapshot shows that Dubai’s residential market recorded 6,524 transactions in July 2022, up 58 percent.
Off-plan sales increased by 59 percent and secondary market sales by 57.1 percent during this period. While the total volume of transactions reached 45,793, a record high since 2009, the report said.
In the year to July 2022, the average price increased by 9.9 percent. During this period, average apartment prices increased by 8.7 percent and average villa prices increased by 17.8 percent, the report added.
In July 2022, the average apartment price in Dubai was 1,114 dirhams ($303) per square foot, while the average villa price was 1,335 dirhams per square foot.
In comparison to late 2014 highs, these rates per square foot are 25.1 percent and 7.6 percent lower, respectively.