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Dubai-listed Al Mal Capital REIT seeks $25mln refinancing

By Zawya

By Staff Writer

Dubai DFM-listed Al Mal Capital REIT plans to obtain an Islamic banking facility of approximately AED90 million ($24.5 million) from RAK Bank to refinance an existing facility for its Wesgreen International Private School asset in Sharjah.

RAK Bank is an existing unitholder in the REIT and is therefore considered a related party, requiring unitholder approval for the facility.

Separately, fund manager Al Mal Capital said it had obtained the required approvals from the relevant UAE land departments to allow foreign investors to own up to 30% of the REIT’s units, while maintaining 70% ownership by UAE and GCC nationals.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@lseg.com

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