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UAE-listed Reem Investments is looking to raise 6 billion dirhams ($1.6 billion) in debt and fresh equity to fund new real estate developments, according to a bourse filing on Wednesday.
The company’s real estate arm, Reem Developments, currently has two mega projects, a 16-million-square-foot township in Najmat and another mixed-use project in Rawdhat which will target more than 18,000 residential and commercial tenants.
“In light of renewed optimism in the real estate market, the company will be undertaking new developments in Najmat, Reem Island. For financing these developments, the company would be seeking a mix of debt and fresh equity in the order of 4.5 billion dirhams and 1.5 billion dirhams, respectively,” the company told the Abu Dhabi Securities Exchange (ADX), on which its shares trade.
Reem also said that it will be launching serviced land plots for sale in Najmat.
The UAE’s property market has recently seen an increase in demand for homes, with buyers snapping up completed and off-plan residential units. Last month, Aldar sold out the villas at its newly launched project on Yas Island in just 48 hours.
(Writing by Cleofe Maceda; editing by Brinda Darasha)
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