GII REIT signs $52 mil­lion deal in Dubai

The Gulf Today - Business - - UAE -

DUBAI: GII Is­lamic 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 irst 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, men­tioned, GII REIT Is In THE midst of in­al­is­ing FEW more ac­qui­si­tions in Dubai over the next 3 months and has also se­cured a size­able credit line (on 5 years ixed term non Amor­tis­ing 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 USD 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) (REIT Man­ager) ex­plained REITS are still new to GCC And one of the key in­gre­di­ents to analysing 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 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).

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