Dubai, United Arab Emirates – Equitativa (Dubai) Limited (“Equitativa”), manager of Emirates REIT (CEIC) PLC (“Emirates REIT” or the “REIT”), today announced that it has sold Trident Grand Mall, a two-floor retail component of Trident Grand Residence in Dubai Marina’s popular Jumeirah Beach Residence.

Emirates REIT has held the asset, which features 22 retail units over two floors and 164 basement parking spaces, since 2014, and has supported a significant repositioning over that time, including renovations and enhancements to the tenant mix.

The agreed purchase price is AED 74 million, which is above the asset’s latest valuation.

The net sale proceeds from the divestment will be used to partially redeem the secured sukuk certificates issued on 12 December 2022 in, accordance with the terms and conditions thereof, as part of the current refinancing project.

Commenting on the sale, Thierry Delvaux, CEO of Equitativa, said: “We are delighted to close this transaction, which will deliver a positive outcome for Emirates REIT’s stakeholders and support our wider strategy of portfolio performance optimization.

"The proceeds from this strategic sale will contribute to our efforts to reduce our financing costs and return more value to our stakeholders. This will ensure that Emirates REIT is positioned to deliver long-term success for all our partners.” 

Following the completion of the divestment, Emirates REIT’s portfolio comprises of nine properties across Dubai with a net lettable area of 202,575 sqm.

For further information, please refer to Emirates REIT’s Investor Relations Page.

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ABOUT EMIRATES REIT:

Emirates REIT, (Nasdaq Dubai: REIT; ISIN: AEDFXA1XE5D7), is a Dubai-based real estate investment trust investing principally in income-producing real estate in line with Shari'a principles. It currently owns a well-balanced portfolio of 9 assets in the commercial, education and retail sector. Emirates REIT benefits from exclusive Ruler's Decrees permitting it to purchase properties in onshore Dubai and Ras Al Khaimah.

ABOUT EQUITATIVA GROUP:

Equitativa is a group of leading regional asset managers focused on creating and managing innovative funds and specializing in real estate investment trusts (REITs). The group offers innovative risk-adjusted, income generating financial products that cater to institutional and retail investors.

Equitativa (Dubai) Limited, as the founder of the UAE's first Shari'a compliant REIT, Emirates REIT, established in the DIFC, is today the largest REIT Manager in the Gulf Cooperation Council (GCC).

Equitativa (AD) Limited, set-up in ADGM, manages the first residential asset focused REIT established in the UAE.