Dubai, July 3, 2012: Dubai Properties LLC, a subsidiary of Dubai Properties Group , today confirmed an agreement with Emirates REIT, the UAE's first real estate investment trust.
Mr Abdulla Al Hamli, Chairman of Emirates REIT Management, said "We are delighted to enter into this agreement with Dubai Properties and welcome them as a significant shareholder in Emirates REIT. This acquisition will help us deliver strong returns in 2012, to build on the 10.54% net annualized return achieved in 2011. We look forward to working with Dubai Properties on acquiring further unique assets."
Under the agreement, Dubai Properties LLC contributed the revenue generating property "Office Park" to the fund and as a result became a shareholder in Emirates REIT.
Emirates REIT was established in 2010 to provide market entry opportunities, liquidity and stable long term returns for investors and now holds over 580 million Dirhams of income generating properties.
Office Park is a 374,000 square feet prime commercial and retail property located in Dubai Internet City. The building provides institutional quality space and enjoys strong occupancy levels due to its location within DIC and the close proximity of services and facilities within the free-zone. Major multinational and local corporations are the anchor tenants of the building.
Speaking about the recent agreement, Mr Khalid Al Malik, Group CEO of DPG , said "We are pleased to enter into this agreement with Emirates REIT at a time when we are seeing positive momentum in the market. It will bring further liquidity and opportunity to the market and ourselves. The agreement reflects our plan to optimize our balance sheet for the long term future."
About Dubai Properties GroupDubai Properties Group ( DPG ), a member of Dubai Holding, develops and manages properties, communities and destinations. Through its subsidiaries DPG provides end to end solutions for a variety of services including sales, leasing, facilities management and security.
Founded on principles of transparency, accountability, and dedicated customer focus, Dubai Properties Group aspires to become the best partner in providing unique lifestyles, by creating a world class organization that offers a wealth of industry knowledge and expertise. DPG will constantly seek new and innovative ways to deliver comprehensive solutions to its stakeholders, investors and business partners.
About Emirates REITEmirates REIT is the first GCC Sharia Compliant Real Estate Investment Trust. The REIT was launched in 2010 under the REIT specific DFSA regulations.
Emirates REIT currently has over AED 580 million of assets under management and is seeking to expand the portfolio. It provides investors with diversified exposure to high-quality, income-generating properties. The portfolio is managed by a strong team with a long standing track record of delivering returns to investors.
Dubai Properties LLC is the fourth major shareholder in Emirates REIT, joining Dubai Islamic Bank, Deyaar and Tecom Investments.
Emirates REIT currently has over AED 580 million of assets under management and is seeking to expand the portfolio. It provides investors with diversified exposure to high-quality, income-generating properties. The portfolio is managed by a strong team with a long standing track record of delivering returns to investors.
Dubai Properties LLC is the fourth major shareholder in Emirates REIT, joining Dubai Islamic Bank, Deyaar and Tecom Investments.
The Jebel Ali Zones Authority (JAFZA) announced the establishment of companies in Jebel Ali Free Zone in the UAE under the Jebel Ali Free Zone regulations. This official international business community to launch entities in the Dubai and Jebel Ali Offshore, as per the international offshore rules.
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