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Dubai United Arab Emirates
Equitativa, the largest real estate investment trust manager in GCC, has announced that one of its units, Emirates REIT, has completed the sale of Office Park - its Grade A commercial asset in Dubai Internet City - to Tecom Investment, a wholly-owned subsidiary of Tecom Group.
The agreed sale price of AED720 million ($196 million) represents a substantial premium over the property's Fair Valuation as of June 30, 2024.
Equitativa said the net sale proceeds will be used to reduce Emirates REIT’s banking facilities and partially redeem the secured sukuk certificates issued in December 2022, in line with the terms and conditions.
The completion of the Office Park sale capitalises on favourable market conditions, allowing Emirates REIT to realise significant gains and reduce its FTV to under 26%, it stated.
Announcing the successful sale, Thierry Delvaux, CEO of Equitativa, said: "We appreciate the strong support of our shareholders in approving this transaction, which was an important step in reducing financing costs and delivering value to Emirates REIT’s stakeholders."
"This further strengthens our financial position and ability to pursue future growth opportunities," he added.
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