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Dubai: 2019 has witnessed a number of significant real estate transactions in the GCC with the latest AED 289 million sale of Al Murjan, a residential tower in Abu Dhabi, showcasing renewed investor interest for high quality assets, says leading real estate firm JLL.
In what represents the second large regional transaction JLL has advised on this year, the recently announced sale of Al Murjan by Aldar Investments is another indication of the availability of capital in the market and the search amongst both private and institutional investors for institutional grade and stable income generating real estate assets. This transaction follows the successful closing in February of the sale of Lulu Hypermarket’s central distribution centre in Muscat, Oman, on which JLL advised the seller, an institutional real estate investment fund.
Abdul Kader Monla, Director, Capital Markets in MENA, JLL said: “We are seeing a market shift across the region with significant investments already witnessed in the first quarter of the year despite what was marked as a year of uncertainty. Transactions of this scale demonstrate renewed investor confidence, particularly in assets proving stable revenues.”
Al Murjan tower is a 23 storey mixed-use development with residential apartments, retail facilities, and office space. The development sits within a high end master-planned development in Danet with easy access to Abu Dhabi city centre and the E11 Sheikh Zayed Road.
For further information, trends and insights on the UAE real estate market, download the firm’s research here https://www.jll-mena.com/en/trends-and-insights
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Media contacts:
Contact:
Medha Sandrasagara
Halima Islam
Phone:
+ 971 4 426 6999
+971 55 985 3382
Email:
Medha.Sandrasagara@eu.jll.com
Halima.islam@fourcommunications.com
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About JLL MEA
Across the Middle East and Africa (MEA) JLL is a leading player in the real estate and hospitality services markets. We have worked on projects in 35 countries across the region and employ over 700 internationally qualified professionals across our offices in Dubai, Abu Dhabi, Riyadh, Jeddah, Al Khobar, Cairo, Casablanca, Johannesburg, Lagos and Nairobi. www.jll-mena.com; www.jllvantagepoint.com
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