REIT Acquires Hospital Real Estate in Dubai

AMCREIT has acquired a healthcare asset in Dubai, boosting its portfolio to approximately Dh1.4 billion across six assets. The specific acquisition price wasn't disclosed. The acquired asset is operated by NMC Healthcare, a prominent healthcare provider in Dubai.

The deal involves a long-term lease agreement with NMC Healthcare, ensuring a steady income stream for AMCREIT's investors, with about 17 years remaining on the lease. Naser Al Nabulsi, Vice Chairman and CEO of Al Mal Capital, highlighted that this partnership aligns with their strategy to diversify the portfolio, strengthen cash flow, and provide value to unitholders.

NMC Healthcare underwent significant restructuring between 2019 and 2022 due to a major financial scandal involving understated debt. The company, previously listed in London, was placed into administration in April 2020 after revealing billions in hidden debt. However, NMC's core operations were restructured and emerged from administration in March 2022 as a new entity, now the largest integrated private healthcare platform in the UAE.