Dubai investment bank Rasmala has purchased a major new million-square foot Amazon distribution hub in Germany, in its latest bid to tap into the explosive growth of e-commerce.
The new logistics centre was acquired for $145 million (Dh533 million), the company announced on Monday.
Rasmala simultaneously acquired a second facility, a $40 million logistics centre let to a subsidiary of Decathlon, the sports goods retailer.
Both facilities are located in the new Grade A Westfalenhuette logistics park, north-east of Dortmund, Germany.
The acquisitions add to Rasmala’s portfolio of investments in the logistics sector. In March 2017, Rasmala purchased Amazon’s biggest UK fulfilment and distribution centre, which also covers 1 million square foot, located in Dunfermline, Scotland, for $82 million. That transaction is believed to be the biggest ever single logistics property deal in Scotland.
Rasmala also bought 48 warehouses in Dubai Investments Park for $68 million last year, adding to the 72 units in the same area it bought for $81 million in August 2016.
The company confirmed that warehousing facilities for e-commerce platforms remain a major focus for its commercial property investment.
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.”
Zak Hydari, group chief executive of Rasmala Group, added: “Rasmala’s acquisition of over $400 million of logistics assets demonstrates our appetite for stable income-yielding assets.”
“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.”