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FINANCIAL NEWS
Emirates Reit assets reach USD299 m
24 Nov 2013
(MENAFN) Assets of Emirates Reit, the first UAE-regulated real estate investment trust, reached USD299 million after receiving the interest of long leasehold in a school campus in Dubai from Gems Education in an acquisition leaseback deal, according to Khaleej Times.
Emirates Reit will acquire the facilities and related assets of the Gems World Academy in Dubai as part of the deal, while Gems will be responsible for managing the property as it used to do without any intervention in the school’s operation.
The deal was positive for each side, or a “win-win” deal as Abdulla Ali Al Hamli, chairman of the fund manager to Emirates Reit, said.
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