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MENAFN - Khaleej Times - 05/01/2014

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(MENAFN - Khaleej Times) Emirates Reit (CEIC) Limited (Emirates Reit), the first UAE regulated real estate investment trust, announced on Saturday a number of important transactions expanding its portfolio and strengthening its shareholder base.

Emirates Reit has acquired the seventh floor, comprising 22,000 sqft of commercial space in Index Tower from EFG Hermes in return for approximately four per cent shareholding in the Reit. Emirates Reit has also acquired all remaining car parking spaces in Index Tower from Emirates NBD. This acquisition follows the purchase, in May 2013, of the retail space in the Index Tower which includes retail units located over ground, podium and sky lobby levels and car parking spaces. The Reit now owns 698 car parking spaces in Index Tower. Index Tower is a landmark 'Grade A' mixed use tower, designed by Norman Foster, located in the DIFC, a well-established commercial and residential free zone district in Dubai. The car parking spaces are available for lease by residents and businesses operating in the building. Emirates Reit is making the office floor and the car parking spaces available for lease immediately.

In addition to EFG Hermes, Emirates Reit has expanded its shareholder base in the last quarter of 2013 through capital increase, adding renowned regional and international investors: Emirates NBD (five per cent), Singapore Enterprises (three per cent) and private investors (one per cent).

Singapore Enterprises is the majority shareholder in the manager of the Sabana Shariah-Compliant Industrial Real Estate Investment Trust.

 






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