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Emirates Real Estate Fund Acquires Binghatti Terraces In Dubai Silicon Oasis
(5 September 2016)
The fund has invested over AED 600 million in real estate acquisitions in the last 24 months


 

Emirates Real Estate Fund (EREF), managed by Emirates NBD Asset Management, has announced its acquisition of Binghatti Terraces in Dubai Silicon Oasis. In accordance with EREF’s sustainable growth strategy to invest in income-producing real estate in the UAE, Binghatti Terraces is a residential building with a current gross rental income of approximately AED 14.5 million per annum. Over the last 24 months the fund has invested over AED 600 million in real estate acquisitions, including Arabian Oryx House in Al Barsha Heights, part of Burj Daman in DIFC and Remraam in Dubailand.

Commenting on the acquisition, Tariq Bin Hendi, CEO of Emirates NBD Asset Management said:

“Our real estate fund is structured to achieve steady yield improvement and sustainable income generation. We have recently undertaken a series of acquisitions, the most recent of which is Binghatti Terraces. Post-acquisition, EREF’s asset allocation is 50% commercial real estate and 29% residential, and a significant cash balance of 21%. We anticipate utilising this cash to take advantage of a number of attractive investment opportunities when they become available.”

EREF’s asset portfolio, including cash, is valued at AED 1.5 billion as at 30th June 2016.

Tim Rose, Head of Real Estate at Emirates NBD Asset Management, commented:

“In addition to acquisitions made over the course of the last twelve months, EREF is also repositioning its portfolio by selling some of its older assets, which no longer support our long-term growth model. The Fund has consistently paid dividends to investors since its inception. With some evidence of oil prices beginning to stabilise, we expect to see increased interest in the UAE real estate market. Quality residential accommodation is of particular and growing importance for corporates setting up in the region, and this impacts demand for residential real estate.”

Binghatti Terraces is a 10-story residential property in Dubai Silicon Oasis that was completed in July 2016. The property offers an urban master-planned community and state-of-the-art infrastructure a short ten minute commute to Downtown Dubai. Binghatti Terraces offers panoramic views of Dubai’s skyline, which can be seen from the property’s terraces, balconies, and outdoor spaces. The development comprises 5 retail and 201 residential units, including studio, one, two, and three-bedroom apartments, which come with their own outdoor balcony or garden terrace area. Tenants will also have access to facilities including a swimming pool, modern gym facilities, and landscaped gardens.
The newly opened property is expected to attract considerable interest from corporate clients, and is currently being showcased at Cityscape Global in Dubai (stand 3F10, Hall 3).

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