Emirates NBD seals Dubai tower deal
Dubai, May 22, 2013
Emirates NBD, a leading banking group in the region, said its real estate unit Emirates NBD Properties has concluded a Dh122 million ($33.2 million) deal with Emirates REIT, the first GCC Sharia compliant real estate investment trust, for retail space in Index Tower, located at the Dubai International Financial Centre (DIFC).
The Index Tower is an 80-storey, multi-purpose tower with hitech offices designed for multi-national corporations as well as luxury. It contains 40 floors of residential units located at the upper part of the structure to maximize the view over the whole city of Dubai with views of Burj Khalifa and DIFC.
Uptown MotorCity was designed by the world famous architect Burt Hill and is a freehold totally master planned community with a choice of studio, one, two and three bedroom apartments along with recreation facilities, play areas, retail outlets, schools and sports facilities.
The deal has been formalised through the signing of sale and purchase agreement (SPA) with Emirates REIT, said a statement from Emirates NBD.
The signing ceremony was held at the Emirates NBD Properties head office at Dubai Festival City Office Tower, in the presence of Ali Al Kaitoob, the general manager of Emirates NBD Properties, Abdulla Al Hamli, the chairman of Emirates REIT and Sylvain Vieujot, the executive deputy chairman of Emirates REIT.
Emirates REIT, which provides investors with diversified exposure to high-quality, income-generating properties, was launched in 2010 under the REIT specific DFSA regulations. At present, the REIT has over Dh740 million worth of assets under its management and continues to expand its portfolio.
Emirates REIT’s portfolio is managed by a strong team with a long standing track record of delivering returns to investors. The shareholders of Emirates REIT include Dubai Islamic Bank, Deyaar, Tecom Investments and Dubai Properties.-TradeArabia News Service
More Finance & Capital Market Stories
- Gulf stocks surge as Fed tapering adds fuel to fire
- SABB launches graduates programme
- NBAD names key official for Hong Kong
- Commercial Bank of Dubai obtains $450m loan
- EFG Hermes names group co-chief
- Islamic bond issuance in GCC picking up
- Kuwait budget surplus likely to hit $42.4bn
- Bahrain banking sector on road to recovery
- GCC banks' outlook stable, says report
- GBSA panel names new chairperson