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Emirates REIT sells its flagship DIFC property worth $11 mn

The Dubai-based shell and core space are priced at $9120 per foot

The fund manager of Emirates REIT is selling half of an office floor at its flagship property, the Index Tower at DIFC for $11 million, according to media reports. The reports also mentioned that the shell and core space is priced at Dh3,350 a square foot. Earlier this week, the Dubai-based Emirates REIT withdrew a restructuring proposal for its $400million dollar Sukuk or Islamic bond after its investors opposed it.

According to media reports, the manager of Emirates REIT, the largest Sharia-compliant real estate investment trust said that the sale made a valuation gain of 18 million dirhams, compared to the latest valuation of the space, Equitativa.

Sylvain Vieujot, the group chairman of Equitativa, commenting on the sale said that “The REIT is increasingly well-positioned to implement its turnaround strategy”. The reports also mentioned that the proceeds from the sale will come in quite handy for Equitiva as it tries to get Emirates REIT back from the massive loss of Dh897 million it sustained in 2020.

After the new sale, the Index Tower’s occupancy stands at 59 percent, a 9 percent increase compared to last year. Since the beginning of 2021, more than 24,700 square feet of the Tower’s office area has been leased, most of which are fully fitted and furnished premium offices from 120 to 290 square metres. The experts noted that the sale pointed towards a steady return of investors’ confidence in Dubai properties post Covid-19, primarily in high quality, prime real estate assets

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