ENBD REIT says phase 2 of Dubai Silicon Oasis project will comprise a 77,000 sq ft expansion with a floating glass roof
The second phase of a Souq Extra retail centre in Dubai Silicon Oasis is set to be opened by mid-2019 following the launch of phase 1.
ENBD REIT, the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, made the announcement as it opened phase 1 of the retail project.
It acquired phase 1 of the development in December, with 100 percent occupancy including blue chip tenants Carrefour Market, KFC, McDonald's and Starbucks.
Phase 1 has 36,000 sq ft of gross leasable area comprising 42 fully-let retail units.
ENBD REIT said it has also agreed terms to acquire phase 2 of the development on completion in the last quarter of 2018.
Phase 2 will comprise a 77,000 sq ft expansion with a floating glass roof to create a natural light environment transitioning between day and night atmospheres.
The retail strategy focuses on core community services including a regional medical centre, a children’s nursery, a fitness centre, activity-based entertainment concepts, premium F&B and fast-casual indoor and outdoor dining concepts.
Tariq Bin Hendi, chairman of ENBD REIT, said: “Souq Extra Retail Centre is an important asset for ENBD REIT, representing a fully-let and high-quality community centre in the heart of Dubai Silicon Oasis, an up-and-coming commercial and residential district. It has been our pleasure to work with the Souq Extra team, and we look forward to a long and fruitful relationship.
"In the last twelve months we have put a heavy emphasis on diversifying our portfolio into the ‘alternative’ asset class – from retail to student accommodation and education. This asset perfectly fits our prevailing diversification strategy.”
Saleh Saeed Lootah, chairman of Souq Extra, added: “We are committed to enhancing urban areas by delivering efficient, healthy and resilient property outcomes on behalf of trusted partners such as Dubai Silicon Oasis Authority and ENBD REIT.”
ENBD REIT holds a total of 11 properties across Dubai’s office, residential and alternative asset classes. As at March 31, the REIT’s total property portfolio value stood at $463 million.