Equitativa, the largest REIT (real estate investment trust) manager in the Gulf region, said its key unit, Emirates REIT, today (July 18) 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 investments principally in income-producing real estate in line with shari'a principles. It currently owns a well-balanced portfolio of nine assets in the commercial, education and retail sector.

It 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.

According to Equitativa, the agreed purchase price is AED74 million ($20 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 December 12, 2022, in accordance with the terms and conditions thereof, as part of the current refinancing project.

On the strategic sale, CEO Thierry Delvaux 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 optimisation."

"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," noted Delvaux.

Following the completion of the divestment, Emirates REIT’s portfolio now comprises nine properties across Dubai with a net lettable area of 202,575 sqm, he added.-TradeArabia News Service

Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).