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Emirates Reit allocates USD136m for acquisitions
(MENAFN) Emirates Reit, the UAE's only real estate investment trust, has reportedly set aside USD136 million for acquisitions as the property market in Dubai cools.
It is investing USD56.69 million to develop an education complex at Damac's Akoya project, and last year bought the whole retail component of Index Tower in the Dubai International Financial Centre (DIFC).
"The fact that the market is softening and the number of transactions is significantly lower means when you are a buyer you are in a better position," Emirates Reit's executive deputy chairman said.
It is investing USD56.69 million to develop an education complex at Damac's Akoya project, and last year bought the whole retail component of Index Tower in the Dubai International Financial Centre (DIFC).
"The fact that the market is softening and the number of transactions is significantly lower means when you are a buyer you are in a better position," Emirates Reit's executive deputy chairman said.
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