Dubai: The Sharia-compliant Residential Real Estate Investment Trust (REIT) has completed transactions totalling Dh772 million.
As part of the deal, Abu Dhabi Islamic Bank provided 165 units from three buildings on Al Reem Island to The Residential REIT.
Arcapita and a Saudi institution also contributed three buildings — with 285 units — on Saadiyat Island as part of the transaction. The combined value of Residential REIT’s portfolio touched Dh1.3 billion as of December 31, 2017.
The Residential REIT — incorporated in the Abu Dhabi Global Market — was launched a year ago by Equitava, the REIT manager. With the latest deal, the shareholders in the former include National Bonds Corporation, Al Hamra Real Estate Development, Abu Dhabi Islamic Bank, Arcapita Investment Management, the Saudi institution and a private investor.
“This is our second REIT in the UAE to achieve critical size and attract key institutional investors,” said Sylvain Vieujot, Chairman of Equitativa.
“The Residential REIT has built an attractive and diversified portfolio providing the strong foundation needed to propel us to the next stage, where we prepare for further growth and a future IPO.
“We trust that 2018 will be a great year for both our UAE Reits — Emirates REIT and The Residential REIT.”
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