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Al Hamli and Vieujot ... strategic move.

Eiffel Management buys DIB stake in Emirates REIT

DUBAI, March 1, 2015

Emirates REIT, a UAE-based real estate investment trust, has announced that Eiffel Management has today (March 1) acquired Dubai Islamic Bank’s (DIB) 25 per cent stake in Emirates REIT Management, the manager of Emirates REIT.

The transaction, for an undisclosed amount, means Eiffel Management now owns 100 per cent of the REIT manager’s total issued share capital.

The REIT manager is responsible for running the property portfolio of Emirates REIT and all the operations concerning the REIT. It is a private company incorporated in the Dubai International Financial Centre and licensed by the DFSA (Dubai Financial Services Authority).

Eiffel Management and DIB launched the REIT in 2010; the UAE’s first regulated Shari’a-compliant Real Estate Investment Trust incorporated in the DIFC.

Abdulla Al Hamli, managing director of the Dubai Islamic Bank and chairman of Emirates REIT Management said: “Dubai Islamic Bank has played an instrumental role in the development of the REIT with Eiffel Management, supporting this successful project, including the listing of the REIT on Nasdaq Dubai last year. The REIT has developed according to the initial plans and DIB now wants to be able to concentrate on its role as a strategic shareholder of the REIT.”

Sylvain Vieujot, chairman of Eiffel Management and executive deputy chairman of Emirates REIT Management said: “I would like to thank DIB for their valuable support. Since inception, Emirates REIT has developed a solid portfolio of strong income producing assets, today valued at over Dh2.2 billion ($600 million).

"We are continuing to expand our team to give the best service to the REIT, and we are pleased that Al Hamli will remain on the board as independent chairman.”- TradeArabia News Service




Tags: Stake | REIT | Dubai investment bank |

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