STOCK Dubai Marina / property / skyline
Through the current property boom, Dubai Marina has been one of the standout locations in value gains. This is reflecting in the Nuran hotel sale there. Image Credit: Clint Egbert/Gulf News

Dubai: Dubai’s property boom continues to give some robust returns – the ADX-listed Eshraq has just sold its Nuran Marina Hotel for Dh133 million. Which works out to a ‘remarkable’ 45 per cent increase on the property’s book value.

Eshraq had been working on its Dubai land and property portfolio through the recent past, and the sale of Nuran should be seen in that context.

“Eshraq’s approach has always been opportunistic and we are now firmly in our value realization phase as we monetize a well-managed asset that has delivered significant capital appreciation,” said Mohamed Al Hashimi, CEO of Eshraq. “Looking ahead, we remain focused on our investment path of value creation and attractive risk adjusted returns for shareholders.”

It was last year that Eshraq went in for a tweak to its investment strategy. It meant plot sales in Jumeirah Village Circle. “While we remain optimistic for the real estate sector - and our assets in particular - proceeds from this sale will unlock new opportunities for Eshraq enabling us to bringing innovative opportunities to an even wider group of investors,” said Al Hashimi.

More to follow...