Abu Dhabi – Mubasher: UAE-based Residential Real Estate Investment Trust (Residential REIT), which is managed by Equitativa (AD), has unveiled the completion of new property deals worth AED 772 million ($210.1 million).
Residential REIT is the first sharia complaint real estate investment trust in the Abu Dhabi Global Market (ADGM).
The fund conducted deals with Abu Dhabi Islamic Bank (ADIB), Arcapita, and an unnamed but large Saudi institution, according to Arabian Business.
ADIB contributed 165 residential units located in three buildings in Marina Square on Abu Dhabi’s Al Reem Island, while Arcapita and the unknown Saudi institution contributed 285 residential units across three buildings in Saadiyat Beach Residences on the emirate’s Saadiyat Island.
“This is our second REIT in the UAE to achieve critical size and attract key institutional investors and we are very pleased with the support we have received from our shareholders and from the [ADGM],” Sylvain Vieujot, chairman of Equitativa, said.
Residential REIT’s portfolio reached 1,069 units in Abu Dhabi worth AED 1.3 billion after the last acquisition, according to a statement by the fund.
"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,” Vieujot added.
