Gulf Islamic Investments (GII), a leading financial services company based in the UAE, said it has acquired a prime office property in Downtown Dubai, for $32 million through its Shariah compliant real estate investment trust, GII Islamic REIT.
The property, spread over two floors in the highly sought after Emaar Square offices, in Downtown Dubai, is expected with gross yields of 8 per cent, said a statement from the company.
The property has a remaining lease of 3 years and is let to a global professional services firm, who use it as their regional head office.
GII Chairman Mohammed Alnasri said: "We are delighted at the progress achieved by GII Islamic REIT, considered the first shariah compliant monthly dividend REIT and the first GCC-based REIT that will have some international real estate exposure as well (in UK & US), with blue chip existing tenants and with Dh500 million seed investments already committed by GII’s investors group."
A company regulated by the Emirates Securities and Commodities Authority (ESCA), GII enjoys a track record of managing $2.5 billion in assets and securing $5.5 billion in debt.
Mohammed AlHassan, the chief executive for GCC region at GII, said this is a high quality acquisition for the REIT, and is consistent with GII REIT’s strategy to distribute 8 per cent annual dividend to investors net of all costs.
He reiterated GII REIT’s commitment to distribute dividends monthly and targets paying out the first monthly dividend from June/July 2018 onwards.-TradeArabia News Service
GII Islamic REIT buys prime office property in Dubai
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