Abu Dhabi-based Eshraq Investments has entered into a sale & purchase agreement (SPA) with Reportage Properties for the sale of plot of land on Al Reem Island for AED126.6 million ($34.5 million) as part of plans to monetize its land banks.

Under the terms of the deal, Reportage Properties will use the plot for a residential project to be developed over five years, the developer said in a statement on ADX on Monday.

Reportage Properties is a real estate developer present in Abu Dhabi, Dubai, KSA, Turkey, Egypt and Morocco.

Eshraq has so far sold approximately 27% of its existing land bank for AED160 million and is in discussions for sale or joint venture developments on its remaining plots.

Eshraq, which has assets of more than AED3.8 billion in real estate, public equities, fixed income, private equity and debt products, reported accumulated losses of AED 1.03 billion as of June, 30, 2022. 

(Writing by Brinda Darasha; editing by Daniel Luiz)