Dubai – Mubasher: Emirates REIT on Wednesday signed an agreement to acquire the European Business Centre in Dubai for AED 130 million ($35.4 million).
The firm forecast that this deal will generate an internal rate of return (IRR) of over 10%, according to a statement.
The real estate company said in its statement that total managed assets will increase to more than AED 3 billion after the completion of the deal, including ten real estate assets all over Dubai.
The European Business Centre is located in the Dubai Investments Park (DIP) near the port and the Free Zone in Jebel Ali, Al Maktoum International Airport, and Dubai South.
The centre has three storeys with a net leasable area of 273,160 square metres and a current return of AED 20 million from 101 tenants, including Stantec International, UBC Businessmen Service, and the German Emirati Business Centre.
The acquisition of the European Business Centre is the second deal executed by Emirates REIT in the DIP.
