Emirates Real Estate Fund (EREF), managed by Emirates NBD Asset Management, has announced its acquisition of Binghatti Terraces in Dubai Silicon Oasis.
Binghatti Terraces is a residential building with a current gross rental income of approximately AED14.5 million per annum, the company said in a statement.
It added that Binghatti Terraces is a 10-storey residential property in Dubai Silicon Oasis that was completed in July. It did not disclose the value of the acquisition.
The development comprises five retail and 201 residential units, including studio, one, two, and three-bedroom apartments. Tenants also have access to facilities including a swimming pool, modern gym facilities, and landscaped gardens.
Over the last 24 months the fund has invested over AED600 million in real estate acquisitions, including Arabian Oryx House in Al Barsha Heights, part of Burj Daman in DIFC and Remraam in Dubailand.
Tariq Bin Hendi, CEO of Emirates NBD Asset Management said: “Our real estate fund is structured to achieve steady yield improvement and sustainable income generation. We have recently undertaken a series of acquisitions, the most recent of which is Binghatti Terraces.”
EREF’s asset portfolio, including cash, is valued at AED1.5 billion as at June 30, he added.
Tim Rose, head of Real Estate at Emirates NBD Asset Management, said: “In addition to acquisitions made over the course of the last twelve months, EREF is also repositioning its portfolio by selling some of its older assets, which no longer support our long-term growth model.
"With some evidence of oil prices beginning to stabilise, we expect to see increased interest in the UAE real estate market. Quality residential accommodation is of particular and growing importance for corporates setting up in the region, and this impacts demand for residential real estate.”
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