Dubai, UAE: Dubai-based Binghatti Developers, one of the leading real estate development companies in the UAE, signed its first sales agreement with Izdihar Real Estate Fund which is managed by Bank Muscat. The AED 200 million agreement comprises the acquisition of Binghatti Vista and Binghatti Sapphires, two of the best residential properties in Dubai Silicon Oasis.
Located just off sheikh Mohammed bin Zayed road, Binghatti Vista is an iconic 9 floors building that highlights Binghatti Developers’ signature design. Completed last month, the building comprises 118 residential units including 72 studios, 18 one-bedroom, and 27 two-bedroom apartments, in addition to a 1 three-bedroom apartment. Containing a 105,815 sq. ft leasable area, the property offers many modern amenities including a heat monitored swimming pool, health club, children’s play area, a multi-purpose hall, rooftop public area, 3 floors of covered parking, in addition to an owner’s office.
The second property acquired by Izdihar Real Estate Fund is Binghatti Sapphires, a 10 floors residential building which includes 60 studios, 29 one-bedroom, 39 two-bedroom apartments in addition to 1 three-bedroom apartment. The building comprises a leasable area of 113,920 sq. ft and offers different contemporary lifestyle amenities such as a heat monitored swimming pool, health club, multipurpose hall, rooftop public area, covered parking, and a children’s play area.
The acquisition agreement was signed by Muhammad BinGhatti, CEO & Head of Architecture at Binghatti Holding, and Sulaiman Al Yahyai, Chairman of Izdihar’s Fund Management Board during a ceremony that took place on Friday 11th October in Mövenpick Jumeirah Beach Residences in Dubai.
On this occasion, Muhammad BinGhatti, CEO & Head of Architecture at Binghatti Holding, commented: “We had a very good experience of working with Izdihar Real Estate fund and we are look forward to close more deals with them in the future. We’ve witnessed a lot of interest in our buildings from institutional investors looking for sustainable and long-term rental returns, and today’s milestone is the best testament to that”.
Sulaiman Al Yahyai, Chairman of Izdihar’s Fund Management Board, commented: “Izdihar’s investments are backed by strong asset positions, long-term leases, sound property management and attractive locations. This transaction marks another successful close for the Fund in a short timeline, and I compliment the Private Equity and Asset Management team at Bank Muscat for exceeding investor expectations.” He also added that “Among the various opportunities in Dubai, we liked Binghatti Developers’ architecture and market pulse. We are looking to close more transactions in the region within the next few months”.
Izdihar is the first real estate investment trust (REIT) type of fund established in Oman, which offers attractive yields to investors. The Fund has distributed an annualised dividend of more than 10% since its inception in December 2015. The Fund has invested about USD 140 million and it is targeting additional investments of about USD 250 million.
Abdullah Al Hinai, General Manager - Wholesale Banking of Bank Muscat, said: “We would like to thank the investors for their continuous support, to welcome Binghatti Holding as a partner, and commend the Fund management team for closing this momentous transaction.”
About Binghatti Developers:
Binghatti Developers is an award-winning Dubai based property developer led by the CEO & Head of Architecture Muhammad BinGhatti. The dynamic company offers iconic properties with ground-breaking architectural designs, world class materials, and unrivalled lifestyle amenities. The brand seeks to redefine the norms of the industry by delivering reasonably priced high-quality projects in a timely manner. Within a short time-frame, the company has proven itself as a viable alternative to some of the larger market players in Dubai, strengthening its reputation with an extensive portfolio of completed projects.
Binghatti Developers, the Real Estate development arm of Binghatti Holding, operates throughout the UAE with an investment value constituting AED 3.5 Billion across a portfolio exceeding 40 projects, including its strategic partnership with Millennium Hotels and Resorts.
The company currently operates in several areas throughout Dubai including Business Bay, Dubai Silicon Oasis, Al Jaddaf, Dubai Marina, Jumeirah Village Circle, Liwan, and Dubai Land Residence Complex, in addition to a mega commercial project in Dubai covering an area of 1 million square feet. The company possesses bold plans for expansion in the coming years, specifically focusing on the growth of its Real-Estate portfolio in Dubai.
For more information, please contact:
Oualid El Meriague
Marketing & Communications Officer
Tel: +971 56 403 6821
© Press Release 2018