Dubai – Mubasher: Equitativa, the largest REIT manager in the GCC, on Tuesday announced that it has acquired three additional fully leased floors in Index Tower for its Emirates REIT portfolio.
The transaction’s total cost amounted to AED 106.5 million, the manager of Emirates REIT (CEIC) Limited said in a statement.
The bid is expected to generate an estimated internal rate of return (IRR) of 12%, with an annual yield of 10% for the new floors.
After the acquisition, the occupancy rate of Index Tower offices will increase to 50%.
“The newly acquired floors are leased with a Weighted Average Unexpired Lease Term (WAULT) of 3 years,” the statement highlighted.
The move will improve Emirates REIT’s multi-tenant diversification and stability model.
Emirates REIT is the world's largest Shari'a compliant Real Estate Investment Trust and listed on Nasdaq Dubai.
