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Waha to sell 17 warehouses to Peninsula for $151m

ABU DHABI, August 16, 2022

Waha Capital, an Abu Dhabi-listed investment management company, through its wholly owned subsidiary Waha Land, has agreed to the sale of 17 leased warehouse buildings situated on five plots at the Almarkaz Industrial Development to Peninsula Real Estate Management Limited, a real estate investment company incorporated in Abu Dhabi Global Market, for AED555 million. 
 
The all-cash transaction for approximately 362,000 sq m of industrial space in the development is expected to close by the end of 2022, subject to regulatory approvals and conditions agreed by the two parties. 
 
In addition to the five plots, Peninsula has also agreed to acquire in the future an additional 136,000 sq m of completed and income producing industrial properties that Waha Land is currently developing, with leasing expected to commence once construction is completed in Q3 2023, said a statement. 
 
Following the sale, Waha Land will continue to focus on developing the remaining land bank assets it currently owns. Leveraging its robust asset development and management capabilities, Waha Land 
will also maintain and continue executing its long-term strategy to develop, lease and monetise land and built assets at Almarkaz. 
 
Hazem Saeed Al Nowais, Chief Executive Officer of Waha Land, commented: “Waha Land over several years, has transformed this green field site, which was granted by the Government of Abu Dhabi, into a Grade A industrial and logistics park. The real estate development at Almarkaz was developed in line with Abu Dhabi’s Vision 2030 plan to advance the industrial and logistics sector of the Emirate, and offers investors light industrial, logistics, and warehousing facilities as well as infrastructure ready industrial land suitable for setting up light/medium industries. Building on the success of this high-value transaction with Peninsula, we are well-positioned to continue executing and delivering on our long-term business strategy of investing in the sustained development of Almarkaz.” 
 
James Gallon, Chief Executive Officer of Peninsula, commented: “Peninsula is focused on acquiring high quality institutional real estate across the GCC and, in Waha Land, we have found a partner who shares our commitment to excellence and to delivering best-in-class facilities to their tenants. Peninsula looks forward to working with Waha Land as they develop future stages of Almarkaz as well as to maintaining the high levels of service that Waha Land has long offered to its tenants. 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. Peninsula believes strongly in the opportunities provided by the investment landscape in the UAE, made possible by the country’s strong fiscal fundamentals and ambitious economic vision.” 
 
Located in Al Dhafra, 35 km west of the city of Abu Dhabi, Almarkaz has been developed by Waha Land as an integrated mixed-use industrial development with Grade “A” industrial and logistics facilities  and first-class infrastructure. The development is situated to capitalise on easy access to the UAE’s growing industrial and logistics infrastructure, including major land, sea, air, and rail routes. Small industrial units at the development are 90% occupied and leased to more than 75 tenants from a diverse range of industry segments, including defence, oil and gas, logistics, manufacturing, and data centres.  -TradeArabia News Service 
 



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