Trident Grand Mall sold for US $20mn
Equitativa set to reinvest proceeds and ease ongoing finance costs after divesting classic JBR property
Emirates REIT has announced the sale of Trident Grand Mall. The mall is a two-floor retail component of Trident Grand Residence in Jumeirah Beach Residence, Dubai Marina.
Emirates REIT has investments principally in income-producing real estate in line with shari’a principles. It currently owns a portfolio of nine assets in the commercial, education and retail sector.
First opened in 2014, Trident Grand Mall features 22 retail units over two floors and 164 basement parking spaces. It has undergone significant repositioning of its retail offer in the last 10 years, including renovations and enhancements to the tenant mix.
According to Equitativa, the agreed purchase price is US $20mm, which is above the asset’s latest valuation. The net sale proceeds from the divestment will be used to partially redeem the secured sukuk certificates issued on 12th December 2022.
On the strategic sale, CEO Thierry Delvaux said: “We are delighted to close this transaction, which will deliver a positive outcome for Emirates REIT’s stakeholders and support our wider strategy of portfolio performance optimisation.
“The proceeds from this strategic sale will contribute to our efforts to reduce our financing costs and return more value to our stakeholders. This will ensure that Emirates REIT is positioned to deliver long-term success for all our partners.”
