Emirates REIT, UAE’s first Shari’a compliant REIT founded by Equitativa, a group of leading regional asset managers, has sold the Trident Grand Mall for AED 74 million ($20 million).
This property, situated in Dubai Marina’s Jumeirah Beach Residents, consists of two floors retail component with 22 retail units and 164 basement parking spaces. In addition to this, Emirates REIT has carried out renovation work and improved the tenant mix to enhance the marketability and income prospect of the property.
Trident Grand Mall has an agreed sale price of $20 million, which is above its latest estimate. This shows the strong market demand for well-located properties in the highly competitive market of Dubai.
Thierry Delvaux, CEO – Equitativa
“We are delighted to close this transaction, which will deliver a positive outcome for Emirates REIT’s stakeholders and support our wider strategy of portfolio performance optimization.”
“The proceeds from this strategic sale will contribute to our efforts to reduce our financing costs and return more values to our stakeholders. This will ensure that Emirates REIT is positioned to deliver long term success for all our partners,” added Delvaux.
Emirates REIT will be using the net proceeds from this sale to partially redeem secured Sukuk certificate issued on 12 December 2022. Emirates REIT now owns 9 well-located properties in Dubai with spacious layouts covering 202,575 square meters. The sale of Trident Grand Mall by Emirates REIT is an enormous step towards operational efficiency and strategic reorganization in harmony with market forces.
