Saudi-based Musharaka REIT has purchased a 5,400-square-meter land plot in Jumeirah Lakes Towers from Dubai Multi Commodities Center (DMCC), at a total cost of USD 12.6 mn, Invest-Gate reports.

The land area includes a four-story 13,860-square-meter self-storage facility, one of the region’s largest of its kind, which will be leased by Musharaka to The Box Self Storage Services Company, with a rental yield of 8.7%, DMCC said in a recent press release.

“This cross-border transaction has given us a plot of land with an accompanying long-term rental yield in one of the largest free zones in the world,” Musharaka Capital CEO Ibrahim Fahad Al-Assaf was quoted as saying.

“DMCC also has the right compliance and regulatory framework in place, making it a safe and attractive investment and the right option for us,” Al-Assaf continued.