International law firm Trowers & Hamlins said it has advised Rasmala Investment Bank on the structuring and set up of Makaseb Real Estate Investments and its maiden acquisition – the $90- million purchase of real estate interests at Dubai Investment Park and residential buildings in Ajman.

Rasmala had earlier this month set up the Makaseb Real Estate Investments SPV Limited in collaboration with Ajman Bank.

These assets have a combined built-up area of nearly 700,000 sq ft comprising 91 warehouses at Dubai Investments Park (DIP), and 10 apartment buildings located in Al Jurf, Ajman, said a statement from Trowers & Hamlins.

The global law firm provided the creative solutions required to structure the acquisition of the assets.

Work included the structuring of the two acquisitions and liaising with the Abu Dhabi Global Market authority on the novel structure required for the ADGM investment vehicle.

It also involved the creation of the shari'ah-compliant documentation for the debt funding of the asset purchases, one of which was leasehold and the other freehold, and putting in place appropriate regimes for the ongoing management of the assets, stated Trowers & Hamlins.

Rasmala Group CEO Zak Hydari said: "This transaction is a testament to our strong relationship with Ajman Bank and demonstrates our confidence in the UAE economy."

"In keeping with our mission, we have worked closely with Ajman Bank to structure and launch innovative products for UAE investors and for the first time utilising the ADGM platform," noted Hydari.

Abdul Haq Mohammed, the head of Trowers & Hamlins' international business, said: "We are delighted to have worked with our highly valued client Rasmala and its partner Ajman Bank on such an ambitious and collaborative project that will bring new investment opportunities for regional investors."

"This transaction allowed us to work together to influence the real estate investment market and contribute to the wider UAE economy," noted Mohammed.

"The decision to go with the Abu Dhabi Global Market as the domicile of choice for this new investment structure demonstrates that ADGM's transparency and legal framework is giving increasing confidence to investors and institutions across the GCC," he added.-TradeArabia News Service