Finance & Capital Market

Emirates Development Bank picks CBRE for UAE assets' sale

Global real estate advisor CBRE has been signed up by UAE’s Emirates Development Bank (EDB) to advise on the sale of its former office headquarters in Abu Dhabi and Dubai, as well as their residential portfolio in the UAE capital.
 
The first office component is the former EDB headquarters building located in the Al Nahyan office district in Abu Dhabi, said CBRE in its statement. 
 
It sits on a 9,000 sq. ft plot arranged over 6 floors, of which 2 are fully fitted and the remaining 4 are shell and core, providing A Grade office space in a central location in the UAE capital city.
 
The remaining office component of the portfolio in Dubai is the full EDB building located in Deira City Centre’s office precinct, providing 90,000 sq ft of Grade A office space across 11 floors, it stated. 
 
According to CBRE, the building offers large floor plates of up to 10,500 sq ft with efficient layouts and floor to ceiling windows, convenient for large occupiers looking for full or multiple consecutive floors.
 
The other office component in Dubai comprises 4 floors in the EDB building located in Al Garhoud, providing 45,000 sq ft of Grade A office space within close distance of Dubai Festival City and Dubai International Airport.
 
EDB’s residential portfolio comprises 191 apartments units in Al Maha Tower located on the waterfront, in the Marina Square district of Abu Dhabi’s Reem Island.
 
The luxury development offers a unit mix of 1,2, 3 & 4 bedroom ready apartments with exceptional facilities, complete with various retail and commercial outlets.
 
The commercial and residential assets will offer modern luxury living, as well as a home for leading businesses, in some of the UAE’s prime locations. CBRE has been appointed to provide exclusive sales & marketing advice throughout the duration of the process, it stated.
 
Esam Sultan, Head of Residential UAE – Advisory & Transactions at CBRE in Dubai, said: “We are excited to support EDB with the sale of a selection of its key commercial and residential assets across Dubai and Abu Dhabi."
 
"Its former headquarters are well-known landmarks in strategic locations and with very few prime office buildings available in Dubai, CBRE anticipates that the properties will attract the interest of a great mix of regional and multi-national parties,” he added.-TradeArabia News Service