(MENAFN) Dubai-based real estate investment trust Emirates Reit has announced that it will invest about USD56.69 million on building a new school in DAMAC's Akoya development.
Emirates Reit acquired the freehold land plot from DAMAC Crescent Properties for USD26.8 million and immediately leased it to Jebel Ali School, providing an initial net income of more than 10 percent.
The planned construction of the school is estimated to cost about USD29.88 million, which brings the total value of project development to a total of USD56.69 million.
Emirates Reit said the school will account for 9.2 percent of its current portfolio value of USD612.43 million upon completion. It is also expected to provide a rate of 11 percent return on investment.
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