Dubai-based healthcare and education investment company Amanat Holdings has completed the acquisition of the real estate assets of North London Collegiate School (NLCS) Dubai from PNC Investments, the parent company of developer Sobha Group, for AED360mn.
Amanat has also committed up to AED45mn towards the school’s future expansion plans, a press release said.
The acquisition marks Amanat's first social infrastructure deal.
NLCS Dubai campus is located on a 38,000sq m plot in the Sobha Hartland development at Mohammed bin Rashid Al Maktoum City.
Hamad Abdulla Alshamsi, chairman, Amanat, said, “This acquisition is in line with our corporate strategy to broaden our capabilities while building on Amanat’s strong expertise in healthcare and education. This is the first social infrastructure transaction for Amanat and we are confident it will allow us to enhance returns for shareholders. Additionally, it enables Amanat to continue supporting the education sector in the UAE and contributing towards our people’s prosperity.”
Shamsheer Vayalil, vice chairman and managing director, Amanat, said, “Investing in the GCC’s K-12 private education market is highly attractive; especially in the UAE, where expatriate families, a young population and a growing interest from middle and higher income citizens are expected to increase demand for private school enrolment. By entering into a sale and leaseback of NLCS Dubai, Amanat is investing in a high-quality asset that will generate long-term, secure cash flows and balance our portfolio across a diverse range of asset classes.”
NLCS Dubai offers a wide range of amenities, including eight science laboratories and state-of-the-art performing arts centre, as well as an array of sporting facilities including tennis courts, a rugby field and two indoor swimming pools.
NLCS Dubai is the second overseas campus of NLCS, a leading independent day school founded in 1850 and located in Edgware, London.