Dubai investment bank buys Amazon warehouse

The first facility is a major new Amazon logistics centre spanning 88,000 sq.m and was acquired for $145 million (€121 million). Rasmala simultaneously acquired a second facility, a $40 million (€33 million) logistics centre let to a subsidiary of Decathlon, the sports goods retailer.

In March 2017, Rasmala purchased Amazon’s biggest UK fulfilment and distribution centre, which covers 1 million sq.ft. (93,000 sq.m) located in Dunfermline, Scotland, for $82 million (£61 million). That transaction is believed to be the biggest ever single logistics property deal in Scotland.

Outside Europe, Rasmala acquired a fully let portfolio of 120 warehouses in Dubai Investments Park, close to the Jebel Ali Free Zone in Dubai for $140 million.

Zak Hydari, group chief executive at Rasmala Group, said: “Well-sited logistics centres let to the right tenants have become a critically important part of any large real estate portfolio.” He added: “Real estate is going to remain a key strategic pillar of our 2018 plans leveraging our expertise in acquiring attractive assets in the most in-demand asset categories, let to blue-chip tenants.”

Naseer Aka, head of real estate at Rasmala, said: “E-commerce continues to grow its market share. As a result, distribution centres have taken over from traditional retail space as drivers of rental growth. As the leading e-retailer in the United States and the world’s biggest retailer by market value, Amazon is the kind of blue-chip tenant we want.”