Realty fund makes Silicon Oasis acquisition

Dubai: Emirates Real Estate Fund — managed by Emirates NBD Asset Management — has acquired Binghatti Terraces in Dubai Silicon Oasis. The residential building has a current gross rental income of approximately Dh14.5 million per annum.

Over the last 24 months the fund has invested over Dh600 million in acquisitions, including Arabian Oryx House in Al Barsha Heights, part of Burj Daman in DIFC and Remraam in Dubailand. “Post-acquisition, EREF’s asset allocation is 50 per cent commercial real estate and 29 per cent residential, and a significant cash balance of 21 per cent,” said Tariq Bin Hendi, CEO of Emirates NBD Asset Management said.