(MENAFN) Dubai real estate developer Damac has recently purchased 55 million square feet of land in Dubailand worth USD513 million, according to Arabian Business.
Damac said it will finance the acquisition from the USD650 million sukuk issued during the second quarter of the current year.
Dubailand was a major development east of the Dubai city owned by Dubai Properties Group that was planned to include theme parks and residential areas. It stalled during the financial crisis.
Damac said: "The land bank is over 30 percent larger than Damac's current AKOYA master planned development of 42,000,000 sq ft and the acquisition is in line with the Company's long term strategy of replenishing its land bank with land in prime Dubai locations to ensure a consistent pipeline of future sales inventory."
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