Dubai-based Binghatti Developers has signed its first sales agreement with Izdihar Real Estate Fund, managed by Bank Muscat, worth AED200 million ($54 million).
The agreement comprises the acquisition of Binghatti Vista and Binghatti Sapphires, two residential properties in Dubai Silicon Oasis, the developer said in a statement.
Binghatti Vista was completed last month and comprises 118 residential units including 72 studios, 18 one-bedroom, and 27 two-bedroom apartments, in addition to one three-bedroom apartment. The property also offers a swimming pool, health club, children’s play area, a multi-purpose hall, rooftop public area, three floors of covered parking.
The second property acquired by Izdihar Real Estate Fund is Binghatti Sapphires, which includes 60 studios, 29 one-bedroom, 39 two-bedroom apartments in addition to a three-bedroom apartment. It also features a swimming pool, health club, multipurpose hall, rooftop public area, covered parking, and a children’s play area.
Muhammad BinGhatti, CEO and head of architecture at Binghatti Holding, said: “We’ve witnessed a lot of interest in our buildings from institutional investors looking for sustainable and long-term rental returns, and today’s milestone is the best testament to that."
Izdihar is the first real estate investment trust (REIT) established in Oman and has invested about $140 million so far, with $250 million additional investments planned.For all the latest construction 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.
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