The value of an asset acquired with the purpose of leasing is not zakatable. This is the opinion of the Hanafis, Malikis, Shafi’is, Hanbalis, and adopted by the IFA of Jeddah and Al Lajnah Al Daimah.
Some scholars such as Ibn ‘Aqil Al Hanbali on the other hand, believe that the zakat will still be applicable.
And Allah knows best!
(Mufti) Billal Omarjee