Dubai, 22 May, 2013: Emirates NBD, the leading banking Group in the region announced that its real estate arm, Emirates NBD Properties, has recently concluded a AED 122 million deal for Retail Space in Index Tower, located in the Dubai International Financial Centre (DIFC). The deal has been formalised through the signing of Sale and Purchase Agreement (SPA) with Emirates REIT, the first GCC Sharia Compliant Real Estate Investment Trust. The SPA signifies the start of mutually beneficial, long-term relations between Emirates NBD Properties and Emirates REIT.
The signing ceremony was held at the Emirates NBD Properties head office at Dubai Festival City Office Tower, in the presence of Emirates NBD Properties and Emirates REIT Senior Managers including Mr. Ali Al Kaitoob - General Manager of Emirates NBD Properties, Mr. Abdulla Al Hamli - Chairman of Emirates REIT, Mr. Sylvain Vieujot, Executive Deputy Chairman of Emirates REIT.
Emirates REIT, which provides investors with diversified exposure to high-quality, income-generating properties, was launched in 2010 under the REIT specific DFSA regulations. At present, the REIT has over AED 740 million of assets under its management and continues to expand its portfolio.
Emirates REIT's portfolio is managed by a strong team with a long standing track record of delivering returns to investors. The shareholders of Emirates REIT include Dubai Islamic Bank, Deyaar, Tecom Investments and Dubai Properties.
Emirates NBD Properties is a wholly owned subsidiary of Emirates NBD Group. The company's key services include General Maintenance, Real Estate Brokerage, Real Estate Management Services, and Renting of Residential Units on Time-sharing basis. Emirates NBD Properties have selected signature buildings and units across Dubai including:
The Limestone House project is the creation of a vision to construct prominence and to design, offering exceptionally lavish and spacious one, two, three and four bedroom apartments overlooking the elegant street style courtyard or the exceptional view of the DIFC and Sheikh Zayed Road.
The Index Tower is an 80-storey, multi-purpose tower with state of the art offices designed for multi-national corporations as well as luxury. The Tower contains 40 floors of Residential Units located at the upper part of the structure to maximize the view over the whole city of Dubai with views of Burj Khalifa and DIFC.
Uptown MotorCity was designed by the world famous architect Burt Hill and is a freehold totally master planned community with a choice of studio, one, two and three bedroom apartments along with recreation facilities, play areas, retail outlets, schools and sports facilities.
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About Emirates NBD
Emirates NBD is a leading banking Group in the region. As at 31st March 2013, total assets were AED315.8 billion. The Group has a leading retail banking franchise in the UAE, with over 149 branches and over 720 ATMs and CDMs. It is a major player in the UAE corporate banking arena and has strong Islamic banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations.
The Group has operations in the UAE, the Kingdom of Saudi Arabia, Qatar, Singapore, the United Kingdom and Jersey (Channel Islands), and representative offices in India, Iran and Beijing.
The Group is an active participant and supporter of the UAE's main development initiatives and of the various educational, environmental, cultural, charity and community welfare establishments.
For more information please contact:
Ibrahim Sowaidan
Head - Group Corporate Communications
Emirates NBD
Direct: +971 4 609 4113
Mobile: +971 50 653 8937
ibrahims@emiratesnbd.com
www.emiratesnbd.com
Claire Andrea
Group Corporate Communications
Emirates NBD
Direct: +971 4 609 4143
clairea@emiratesnbd.com
www.emiratesnbd.com
About Emirates REIT
Emirates REIT (CEIC) Limited ("Emirates REIT") is a domestic Real Estate Investment Trust incorporated in the DIFC and managed by Emirates REIT Management (Private) Limited, a firm regulated by the Dubai Financial Services Authority ("DFSA").
For more information please contact:
Hannah Jeffery
Senior Executive Officer
Emirates REIT
Direct: +971 4 358 8775
hannah.jeffery@reit.ae
www.reit.ae
© Press Release 2013
