“GII Islamic REIT” acquires office property in Dubai for USD 32 m
PRESS RELEASE | 03/06/2018“GII Islamic REIT” successfully concluded the acquisition of a prime Downtown Dubai office property, spread over two floors in the highly sought after “Emaar” Square offices, in Down- town Dubai.
Total cost of the acquisition was USD 32 million with gross yields of circa 8%.
The property has a remaining lease of 3 years and is let to a global professional services firm, who use it as their Regional Head Office.
“Mohammed Alnasri” – Chairman of “Gulf Islamic Investments” – GII- expressed his pleasure with the progress achieved by “GII Islamic REIT” which is considered the first Shariah Compliant Monthly Dividend REIT and the first GCC based REIT that will have some international real estate exposure as well (in UK & US), with blue chip existing tenants and with AED 500 million seed investments already committed by GII’s investors group”
“Mohammed AlHassan”, GCC – CEO of Gulf Islamic Investments (GII), this is a high quality acquisition for the REIT, and is consistent with GII REIT’s strategy to distribute 8% annual dividend to investors net of all costs. He reiterated GII REIT’s commitment to distribute dividends monthly and targets paying out the first monthly dividend from June/ July 2018 onwards.
“Pankaj Gupta” , UAE – CEO of Gulf Islamic Investments (GII), added, this is part of USD 200 million portfolio that will be acquired by the REIT consisting of residential, commercial and industrial portfolio with the aim to deliver net yield of 8%. He added, further to the strategic MOU signed between GII Islamic REIT & Ajman Bank recently, GII REIT expects to sign similar MOUs with some other foreign and regional Banks in GCC, in the next three months, discussions for which are on-going, to increase the Fund’s investor base.
Omar Mirza, CEO of Gulf Islamic Investments DIFC Limited (Fund Manager of GII REIT) elaborated all the properties that will be on-boarded to the REIT will come with 3 to 5 years leases, providing comfort to investors and minimising risk. He further confirmed their IPO plans are progressing smoothly, with targeted IPO date of November 2018, once all regulatory approvals are in place.
