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Feb, 15 2018

UAE Based Real Estate Investment Trust Bags $210mn Deal

Arcapita and a large Saudi institution has also contributed three buildings with a total of 285 residential units located in Saadiyat Beach.

UAE Based Real Estate Investment Trust Bags $210mn Deal

The Residential REIT (IC) Limited, the first Sharia compliant real estate investment trust incorporated in Abu Dhabi Global Market (ADGM), has completed new property transactions worth AED772 million ($210.1 million).

Arcapita and a large Saudi institution has also contributed three buildings with a total of 285 residential units located in Saadiyat Beach Residences on Saadiyat Island in Abu Dhabi.

The Residential REIT (IC) Limited closes transactions with Abu Dhabi Islamic Bank, Arcapita and an unnamed Saudi institution

The REIT, managed by Equitativa (AD) Limited, said it has closed deals with Abu Dhabi Islamic Bank, Arcapita and an unnamed large Saudi institution.

Sylvain Vieujot, chairman of Equitativa, said “12 months ago, Equitativa launched The Residential REIT to take advantage of the current market conditions in the residential sector. This is our second REIT in the UAE to achieve critical size and attract key institutional investors and we are very pleased with the support we have received from our shareholders and from the Abu Dhabi Global Market. The Residential REIT has built an attractive and diversified portfolio providing the strong foundation needed to propel us to the next stage where we prepare for further growth and a future IPO.”

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