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UAE REITs
National Bank of Abu Dhabi / NBAD Inv Man - (UAE)
Thursday, 24 May 2012 07:13

In early-2012 the National Bank of Abu Dhabi announced plans with the Gulf Investment Corp of Kuwait (50/50), for a commercial REIT with an initial portfolio of about 10 buildings across the UAE including industrials & warehousing, that would be advised by Abu Dhabi National Properties (an NBAD subsidiary).

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NBAD-AMG Website Link

 

Last Updated on Thursday, 24 May 2012 07:32
 
DIFX Islamic REIT - (UAE)
Wednesday, 28 September 2011 04:29

The postponed DIFX Islamic REIT was / is due to be a USD$2bn JV between DIFC (Dubai International Financial Centre), the Abu Dhabi Commercial Bank (ADCB), and the real estate division of Australia’s Macquarie Bank.

 

Last Updated on Monday, 13 February 2012 06:44
 
Arabian REIT / AREIT - (UAE)
Wednesday, 13 July 2011 04:43

AREIT was established in 2006 with approx USD$200m by Daman with HSBC Bank Middle East (the fund managers via a JV), and plans to hold at least 80% of its assets in direct real estate with the balance in eith stocks of either listed or unlisted real estate companies, and target a compound annual rate of return of about 15%, net of all fees, costs and taxes. Given the sheer size of some of the buildings in the GCC, it is reassuring to hear that they don’t intend to invest more than 20% of its total assets in any single asset. It also promises that it will invest no more than 10% of total assets in other real estate funds and trusts, including future funds of AREIT Management and other collective investment schemes; nor in any real estate related IPOs (provided that such investment shall not represent more than 5% of the relevant shares issued in any single IPO). It is managed by AREIT Management. In mid-2008 it acquired the 2006 built, approx 10 floor Wind Tower in Bahrain’s Diplomatic Area comprisng about 65k sqft offices with ancillary retail. Daman is a private equity and corporate finance conglomerate whose many and various interests also include: the Daman Iraq Fund (2003); the Daman UAE Value Fund (2001); the Arabian Programmed Trading Fund (2004); and Daman Real Estate Capital Partners (developer of the approx USD$450m Buildings-By-Daman at the Dubai International Financial Centre / DIFC). Jazra Investments are also involved as both a shareholder of AREIT Management, and as an investment vehicle.

A-REIT Management Website Link

A-REIT Email Link

 

 

Last Updated on Monday, 13 February 2012 06:51
 
Emirates Islamic REIT - (UAE)
Wednesday, 13 July 2011 04:42

Emirates REIT / CEIC, Dubai’s first REIT, launched in 2010 through a JV between Eiffel Management - see Société de la Tour Eiffel (Link), and the Dubai Islamic Bank (DIB), with an initial portfolio of about 7 owner occupied properties contributed by DIB (a commercial building in Dubai Internet City; a commercial building in Al Nad; a commercial and residential building in Al Qasmiyah, Sharjah; a commercial and residential building in Dafan Al Nakheel, Ras Al Khaimah; a residential building in Ajman; and a residential building in Fujairah), secured on about 15 year leases, and worth approx AED 170,000,000 / USD$46m (2011). Because it is a Shariah compliant diversified REIT, the portfolio is debt free, and is looking to grow by accepting property asset contributions (commercial and residential buildings, warehouses, schools, hospitals and car parks), in exchange for equity. Although 51% of investors must come from the GCC (Gulf Cooperation Council) countries, 49% is available to foreigners. The fund manager is Emirates REIT Management, and it is administered by Deutsche Bank AG Dubai (DIFC).

Emirates-REIT Website Link

REIT-AE Website Link

REIT-AE Email Link

 

 

Last Updated on Wednesday, 17 September 2014 05:45