Investment management group Rasmala plc and partner KAMCO Investment Co. acquired a 1 million-square-foot distribution center let to Amazon UK Services Ltd. for roughly £61 million, including transactions fees.
The center is in Dunfermline, Scotland, according to a report by Property Week.
The purchase was funded through a combination of equity and debt under a Shari'a-compliant structure, with 60% of the acquisition price covered by debt. Amazon UK Services leases the asset under an unexpired term of 15 years expiring in October 2031.
The equity investment was arranged through a special purpose vehicle, which will target an annual cash dividend yield of 6.5% per annum and an expected internal rate of return of 7% upon exit, Rasmala said in a release.
Rasmala CEO Zak Hydari said the company is targeting alternative investment strategies suited to investors based in the Gulf Cooperation Council region.