Manrre Logistics Fund, a private Dubai-based investment company, today placed its shares into Nasdaq Dubai’s share depository as the company expands options for qualified investors.
Manrre Logistics Fund deposited its shares in Nasdaq Dubai’s CSD (Central Securities Depository), which looks after them on behalf of shareholders in a trusted environment. The CSD also facilitates share transfers between investors.
Launched in 2018 by Dubai-based Palmon Group, Manrre is a private real estate fund managed by Dalma Capital. Manrre focuses mainly on institutional-grade logistics and industrial properties in locations including Jafza, Dubai Investments Park and Dubai South.
Ringing the market-opening bell at Nasdaq Dubai to celebrate the occasion, Manohar Lahori, founder and chairman of Palmon Group, said: “Manrre focuses on long-term and stable income generation of logistics and commercial properties, with high exposure to the rapidly growing e-commerce market, a strategy focused on high-yield and a commitment to capital preservation. These characteristics are uniquely attractive to regional and international investors, particularly given the backdrop of historically low interest rates globally.”
“Placing the shares with Nasdaq Dubai’s depository strengthens Manrre’s relationship with investors, demonstrating our ongoing commitment to transparency, governance and safe keeping. The exchange provides a well regulated environment with global visibility,” Lahori added.
Manrre reported a total annualised return of 12% since inception, with a portfolio valuation of $72.33 million at the end of 2019. Of its portfolio total built-up area, logistics and industrial account for 70% of assets.
Hamed Ali, Chief Executive of Nasdaq Dubai, said: “We are delighted to have begun this collaboration with Manrre and are ready to support the fund’s growth and development plans in a number of ways as it pursues its business strategy. Our efficient CSD facility for private companies is an effective platform for introducing a wide range of businesses to an exchange environment, as a step towards engaging in new financing possibilities.”
Nasdaq Dubai’s CSD supports the processing of a variety of corporate actions including payments to shareholders and provides close links with international CSDs. Transfers of ownership of all shares in Manrre will take place off-exchange within the CSD.
Manrre REIT (CEIC) trading as Manrre Logistics Fund is based in Dubai International Financial Centre (DIFC). – TradeArabia News Service