GII REIT signs another $52m deal in Dubai
(6/13/2018 8:37:00 AM)
GII Islamic REIT (CEIC) Ltd (GII REIT) has successfully signed another attractive investment worth $52 million in Downtown Dubai. Following the $32 million commercial property acquisition in Emaar square Dubai last month, this is the first residential property investment by GII REIT in a brand new development with easy access to Dubai Mall and other popular attractions in the Downtown area. GII REIT will hold majority of the units in this development.
Mohammed Alnasri, chairman of GII REIT, said, “GII REIT is in the midst of finalizing few more acquisitions in Dubai over the next 3 months and has also secured a sizable credit line (on 5 years fixed term non amortizing basis) from a UAE Bank to support the REIT’s upcoming acquisitions.”
He, further added, with this acquisition, GII REIT is one step closer to achieving its objective of reaching $300 million in Assets Under Management, prior to the targeted IPO date in November 2018. He stressed on the credibility and trust GII REIT has managed to develop in the market, where investors are willing to invest in the REIT and continue as strategic investors.
Omar Mirza, CEO Gulf Islamic Investments (DIFC) Ltd (the REIT Manager), explained “REITs are still new to GCC and one of the key ingredients to analyzing REIT is to look at the occupancy levels of properties held by the REIT. All properties acquired by GII REIT thus far, come with 3 to 5 years leases in place, from reputed corporate tenants, thus enabling us to pay out the monthly dividends to our investors.
GII Islamic REIT LTD is a Shariah-compliant real estate investment trust, registered in the Dubai International Financial Centre (DIFC). The REIT Manager, Gulf Islamic Investments (DIFC) Limited, is regulated by the Dubai Financial Services Authority (DFSA).