Deal will bring ‘further liquidity and opportunity to the market’, Dubai Properties head says
The UAE’s first real estate investment trust, Emirates REIT has signed a deal with Dubai Properties, under which the subsidiary of Dubai Properties Group (DPG) contributed the revenue generating property Office Park to the fund, becoming a shareholder in Emirates REIT.
Office Park is a 34,745m2 commercial and retail property located in Dubai Internet City. Founded in 2010, Emirates REIT aims to provide market entry opportunities, liquidity, and stable long term returns for investors. The fund now holds more than $158m of income generating properties.
The deal “will bring further liquidity and opportunity to the market and ourselves,” said Khalid Al Malik, group CEO of DPG. “The agreement reflects our plan to optimize our balance sheet for the long term future,” Al Malik said.