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Dubai Silicon Oasis Property may get divested by ENBD REIT
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Dubai Silicon Oasis Property may get divested by ENBD REIT

In a filing on Nasdaq Dubai, the company stated that its Board Of Directors has obtained & undertook a letter of intent in respect to the mentioned asset, which adds up to roughly 6% of the firm’s overall portfolio & 11.8%  of the current NAV.

ENBD REIT is a Shari’a compliant, Real Estate Investment Trust funding in income promoting real estate, with a paramount focus on the UAE.

Dubai’s real estate investment trust ENBD REIT is in the view of discarding its property in Dubai Silicon Oasis, a company publicized on 30th May 2021.

The Shari’a compliant REIT supervised by Emirates  NBD Asset Management Limited, has notified that it is considering deliberate scrapping of a real estate capital(asset)  that accounts for more than 5% of its Net Asset Value (NAV).

The company did not recognize the property, which was planned to deprive. Its holdings include some properties in Dubai Silicon Oasis, the Binghatti Terraces, with a holding rate of 69%  & in Souq Extra Retail Centre with a holding rate of 98%. The rest of its real estate properties are located in Dubai Healthcare City, Dubai Media City, Barsha Heights & Dubai Internet City. The company further stated that the final terms of the Premise deals are now under conciliation & most probably culminate next month.

ENBD REIT, stated further, ‘ It is considered that definitive documents be agreed in June 2021, additionally the details of the transaction comprising the proposed use of proceeds resulting from this proposed discard will be announced, following the completion of the transaction.

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Dubai Silicon Oasis Property may get divested by ENBD REIT

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