21 June 2015
Dubai - Emirates REIT (CEIC) Limited ("Emirates REIT" or the "REIT"), the UAE's first regulated Sharia-compliant real estate investment trust incorporated in the Dubai International Financial Centre ("DIFC") and listed on NASDAQ Dubai, announces today that its first fitted-out and furnished floor in its flagship property, Index Tower, has been delivered and is now ready to occupy. The floor has already been pre-leased at 25% and is expected to be fully leased soon.
Located at the 10th floor of Index Tower, the completed office floor comprises of 12 units, ranging from 1,279 sqft to 1,588 sqft each, with total leasable area of approximately 17,533 sqft. Another fitted-out and furnished floor, located on the 5th floor and comprising of 22 smaller units of about 593 sqft is expected to be delivered in July 2015. Pre-leasing has just started for this second floor.
Sylvain Vieujot, Executive Deputy Chairman of Emirates REIT Management (Private) Limited, said:
"We are seeing strong interest from small to medium sized businesses wanting to set up offices in DIFC. In response to this demand, we have developed a working environment specifically designed for such businesses that are in need of optimized, high-quality and well-connected space. Index Tower's unique qualities combine to make this an ideal choice for all types of companies, from start-ups to established multinationals, across a variety of industries. We are also seeing interest from larger companies in shell and core spaces. We expect this increase in occupancy in Index Tower to be reflected in the valuation for building for the second quarter 2015."
Index Tower Is a landmark 'Grade A' mixed use tower, designed by "Foster + Partners", located in the DIFC, a well-established commercial and residential free zone district in Dubai. Emirates REIT owns over two thirds of the office floors in the building, 1,404 car parking spaces and the retail mall wrapping around the building.
Emirates REIT has recently proposed to pay a final dividend in relation to the year ended 31 December 2014 of USD 11.98 million or USD 0.04 per ordinary share, subject to the shareholder approval at the REIT's Annual General Meeting to be held today, Sunday 21 June 2015.
The REIT will aim to continue to distribute a dividend to its shareholders twice a year.
About Emirates REIT
Emirates REIT, the first Sharia-compliant real estate investment trust listed on NASDAQ Dubai, is a Dubai based real estate investment trust established to principally invest in income-producing real estate in line with Sharia principles.The manager of the REIT is Emirates REIT Management (Private) Limited.
Emirates REIT was established in the DIFC in November 2010 by Emirates REIT Management (Private) Limited. It operates under the Collective Investment Rules ("CIR") of the Dubai Financial Services Authority ("DFSA").
Emirates REIT is categorized as a domestic fund, an Islamic fund, a property fund and a real estate investment trust and benefits of an exclusive Ruler's Decree permitting to purchase properties in onshore Dubai through its onshore Dubai branch.
Emirates REIT has acquired various freehold, leasehold and contractual interests in seven properties all located in Dubai.
The Property Portfolio:
•Building 24 is a low-rise building featuring commercial office and retail space located in Dubai Internet City - a well-established commercial district in Dubai.
•GEMS World Academy Dubai is an education facility located in Al Barsha South.
•Index Tower is a mixed-use property located in the DIFC. The REIT's assets in Index Tower consists of the entire retail area located over ground, podium and sky lobby levels, 395,545 sqft of office space and 1,404 car parking spaces.
•Indigo 7 is a low-rise building located on Sheikh Zayed Road. The REIT acquired a contractual interest in Indigo 7 (similar to tenancy rights) in September 2011.
•Le Grande (Trident Grand Residence Tower Community Mall) in Dubai Marina, consisting of 22 individual retail and F&B outlets.
•Loft Offices (Loft 1, Loft 2 and Loft 3) are a cluster of three low-rise commercial buildings located in Dubai Media City.
•Office Park is a commercial building located in Knowledge Village within Dubai Internet City.
For enquiries please contact:
+971 4 405 7348
email@example.com Rupert Young / Sherif Shafie
+971 4 446 6270
© Press Release 2015