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|04 June, 2018

GII Islamic REIT acquires $32mln office in Dubai

GII Islamic REIT successfully concluded the acquisition of a prime Downtown Dubai office property

Dubai: GII Islamic REIT has acquired an AED 117.54 million two-floor office property in Downtown Dubai developed by Emaar Properties.

The property is under a lease agreement with a global professional services firm, whose term will end after three years, according to a company statement.

“GII Islamic REIT will have some international real estate exposure as well with blue-chip existing tenants and with AED 500 million seed investments already committed by GII’s investors group,” chairman of Gulf Islamic Investments (GII) Mohammed Alnasri commented.

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The property was sold in consideration of $32 million with gross yields of around 8%, the UAE-based company revealed.

“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,” Mohammed AlHassan GCC - CEO of GII said.

Source: Mubasher

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