Dubai-based Manrre Logistics Fund has deposited its shares into Nasdaq Dubai’s share depository as part of its plans to expand options for qualified investors.
The shares have been placed in Nasdaq Dubai’s CSD (Central Securities Depository), which looks after them on behalf of shareholders in a trusted environment and also facilitates share transfers between investors, a press statement issued recently said.
Manohar Lahori, founder and chairman of Palmon Group, who rang the market-opening bell at Nasdaq Dubai, said, “Placing the shares with Nasdaq Dubai’s depository strengthens Manrre’s relationship with investors, demonstrating our ongoing commitment to transparency, governance and safekeeping. The exchange provides a well-regulated environment with global visibility.”
Manrre, a private real estate fund, was launched in 2018 by Dubai-based Palmon Group and is managed by Dalma Capital. The fund’s focus mainly lies on institutional-grade logistics and industrial properties in locations including JAFZA, Dubai Investments Park and Dubai South.
Manrre is also looking at buying assets in Oman’s Sohar Port and the UAE’s Umm Al Quawain, according to a report by Reuters.
The Reuters report quoted Kunal Lahori, executive director of Palmon Group as saying, “ Our core focus is UAE, but of course, opportunistically we’ve been offered something in Oman, something in Saudi so we might look at it in the future.”
According to Lahori, the Fund has been offered a deal in Sohar Port and they were actively looking at the prospect and added, “We’ve been offered something in Umm Al Quwain (in the UAE), which is quite interesting because it’s in between Sharjah, Ajman.”
Dalma Capital, which manages the fund, is looking at new avenues of growth along with prospects of a potential initial public offering (IPO) in the future, according to Zachary Cefaratti, CEO of Dalma Capital.
According to Cefaratti, the fund currently has $72 million in gross assets and there was an opportunity to “acquire $100-150 million per year of assets in this market.
