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
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai non-oil trade soars to $362bn in 2013
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres