Dubai-Mubasher: Emirates REIT acquired the interest on a 25,000 square meter leasehold land plot and will fund the development of a new school in Dubai Investments Park, according to a statement.
The overall investment in the development of the school facilities is estimated to be AED 88 million.
REIT acquired the interest on the leasehold land plot from the British Columbia Canadian School and immediately leased back the property to the school operator for a 28-year lease term, providing an initial net income of 12% of the total development costs within the first year.
The third school will increase REIT’s education sector portfolio to AED 709 million, 25.5% of total portfolio.
