TECOM Investments and Emirates REIT announce strategic partnership
- United Arab Emirates: Sunday, February 19 - 2012 at 16:12
- PRESS RELEASE
TECOM Investments, a diversified conglomerate and a member of Dubai Holding, announced it has entered into a strategic partnership with Emirates REIT, Dubai's first real-estate investment trust.
Under the partnership valued at Dhs170m, TECOM will obtain a 25% share in Emirates REIT in addition to liquidity for pursuing new development opportunities.
Abdullatif AlMulla, Group CEO, TECOM Investments, said: "We are delighted to announce this partnership with Emirates REIT. While we will benefit from the liquidity and exposure to increasing values in a resurgent local property market, we will also help Emirates REIT take a step forward in its vision of launching an IPO.
"It is essential that developers come forward to form strategic partnerships with Emirates REIT to lay the foundation for a professionally managed real estate market in the UAE. As part of our synergy, we will continue to explore new opportunities with Emirates REIT."
Abdulla Al Hamli, Chairman of Emirates REIT Management and CEO of the Dubai Islamic Bank, said: "We are very pleased to have concluded this transaction with TECOM Investments. We welcome TECOM as a major shareholder in Emirates REIT and value the support of this pioneering and successful organisation for the REIT project.
"Emirates REIT was formed with the aim of bringing liquidity and professional management into the nascent real estate investment market. Our partnership with TECOM achieves this objective whilst extending our shareholder base."
With Emirates REIT, Dubai Islamic Bank and Eiffel Management have created an innovative and attractive Sharia compliant real estate investment vehicle. All investors - government and private - are encouraged to contribute their assets to Emirates REIT, which is keen to develop its portfolio mix and investor base prior to the planned Initial Public Offering (IPO) launch.
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