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ENBD REIT has sold two Dubai residential towers as part of a turnaround strategy which it said is for growth and portfolio optimisation.
The Al Ramth towers in Remraam on the outskirts of Dubai, were sold for an undisclosed sum, with proceeds deployed to reduce debt with loan to value down to 49.4% from 51%, the real estate investment trust said.
The two Remraam residential towers, Al Ramth 57 and 59, are located in Dubailand and offer a total of 105 units with a net leasable area of 112,154 square feet.
A bourse filing said the decision to divest is in line with the REIT’s turnaround strategy and proactive asset management.
The units were acquired in September 2015 and represent 4% of the REIT’s portfolio value.
ENBD REIT, managed by Emirates NBD Asset Management Limited, said it will continue to explore opportunities for strategic investments and portfolio rebalancing.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
