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Dubai - “GII Islamic REIT” successfully concluded the acquisition of a prime Downtown Dubai office property, spread over two floors in the highly sought after “Emaar” Square offices, in Downtown Dubai.
Total cost of the acquisition was USD 32 million with gross yields of circa 8%.
The property has a remaining lease of 3 years and is let to a global professional services firm, who use it as their Regional Head Office.
“Mohammed Alnasri” - Chairman of “Gulf Islamic Investments” - GII- expressed his pleasure with the progress achieved by “GII Islamic REIT” which is considered the first Shariah Compliant Monthly Dividend REIT and the first GCC based REIT that will have some international real estate exposure as well (in UK & US), with blue chip existing tenants and with AED 500 million seed investments already committed by GII’s investors group”
“Mohammed AlHassan”, GCC - CEO of Gulf Islamic Investments (GII), this is a high quality acquisition for the REIT, and is consistent with GII REIT’s strategy to distribute 8% annual dividend to investors net of all costs. He reiterated GII REIT’s commitment to distribute dividends monthly and targets paying out the first monthly dividend from June/ July 2018 onwards.
“Pankaj Gupta” , UAE - CEO of Gulf Islamic Investments (GII), added, this is part of USD 200 million portfolio that will be acquired by the REIT consisting of residential, commercial and industrial portfolio with the aim to deliver net yield of 8%. He added, further to the strategic MOU signed between GII Islamic REIT & Ajman Bank recently, GII REIT expects to sign similar MOUs with some other foreign and regional Banks in GCC, in the next three months, discussions for which are on-going, to increase the Fund’s investor base.
Omar Mirza, CEO of Gulf Islamic Investments DIFC Limited (Fund Manager of GII REIT) elaborated all the properties that will be on-boarded to the REIT will come with 3 to 5 years leases, providing comfort to investors and minimizing risk. He further confirmed their IPO plans are progressing smoothly, with targeted IPO date of November 2018, once all regulatory approvals are in place.
About “GII Islamic REIT”:
GII Islamic REIT LTD is a Shariah compliant real estate investment trust, registered in the Dubai International Financial Centre (DIFC), Both the REIT and the manager are regulated by the Dubai Financial Services Authority (DFSA).
About Gulf Islamic Investments LLC
Gulf Islamic Investments LLC (GII) is a UAE-based financial services company regulated by the Emirates Securities and Commodities Authority (ESCA).Gulf Islamic Investments is committed to providing advisory to a diverse set of unique and well-structured investment opportunities to its clients, with a view to achieve superior returns in the fields of real estate, private equity, venture capital and infrastructure.Under the leadership of a committed group of prominent shareholders and investors, GII’s team enjoys a track record of managing US$2.5 billion in assets and securing US$5.5 billion in debt.
The origin of GII comes from UNFC, which was established in 2004 and rebranded in May 2014.
For further information please contact:
Corporate Communications Department
Nesrin Khaled
Executive Assistant-CEO-GCC
Boulevard Plaza II, Suite 501
Downtown, Dubai - UAE
Tel: +971 4 3253686
Fax: +971 4 3253709
Email: nkhaled@gii.ae
Website: www.gii.ae
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