The Residential REIT (IC) Limited closes transactions with Abu Dhabi Islamic Bank, Arcapita and an unnamed Saudi institution
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).
The REIT, managed by Equitativa (AD) Limited, said it has closed deals with Abu Dhabi Islamic Bank, Arcapita and an unnamed large Saudi institution.
It said Abu Dhabi Islamic Bank has contributed 165 residential units located in three buildings in Marina Square on Al Reem Island in Abu Dhabi.
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, it added.
As of the end of 2017, the total value of the Residential REIT portfolio reached AED1.3 billion, it said in a statement.
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.”
Following the new acquisitions, the Residential REIT's portfolio includes a total of 1,069 units across Abu Dhabi, Ras Al Khaimah and Dubai.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.