A real estate investment trust (REIT) managed by Equitativa has acquired a business centre in Dubai for the equivalent of $35 million.
The UAE-based asset manager says its trust, Emirates REIT, which is listed on Nasdaq Dubai, is the largest sharia-compliant vehicle of its kind. After the transaction, the trust will own ten properties in Dubai with a total value of more than 3 billion dirhams ($817 million), said the firm.
“Upon completion of the transaction, the building will immediately enhance the REIT’s cash flow and over the longer-term we expect significant capital appreciation, especially following the completion of the adjacent metro station,” said Sylvain Vieujot, chief executive of Equitativa (Dubai).
Located within Dubai Investments Park, the European Business Centre has three storeys and 101 corporate tenants including Stantec International.
The Dubai authorities plan to build a metro station next to Dubai Investments Park as part of an expansion plan linked to the 2020 Expo, which Dubai will host.
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