May 13 2011 |
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DIFC Investments keeps off realty for time being
By By Parag Deulgaonkar Company finalises deal for allotment of units with a developer"We are not looking at investing in real estate projects at this stage," Shahli Akram told Emirates 24/7.
The company has already restricted its investment in Dubai Pearl project to $13 million with "no further commitment beyond the amount," he added. In 2008, it had announced it would invest Dh3 billion in the project through a real estate fund.
DIFCI earlier said losses narrowed to $272 million in 2010 compared to $562 million in 2009, while revenue slipped to $146.3 million from $152.2 million.
This year, the company plans to dispose of SmartStream Technologies, which it acquired in 2007 and also complete the sale of high-end Kuwaiti fashion retailer Villa Moda.
Meanwhile, DIFC expects approximately two million square feet of commercial office space is expected to be handed over by third-party developers in the next 18 to 24 months. In December 2010, it announced a new pricing structure that would offer its tenants over 50 per cent in discounts with the rents starting from $44 or Dh160 per square feet to a maximum of $76 or Dh280 per square feet in 2011.
Last year, Union Properties Chairman Khalid bin Kalban told this website it had restarted talks with DIFC for selling 200,000 to 300,000 square foot of space in its Index Tower.
© Emirates 24|7 2011
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