Emirates REIT, managed by Equitativa, has successfully sold the Trident Grand Mall in Dubai Marina for AED 74 million ($20.1 million). The sale price exceeds the asset’s latest valuation, marking a significant milestone for Emirates REIT.
About the Trident Grand Mall
- Location: Dubai Marina’s Jumeirah Beach Residence
- Features: Two floors of retail space with 22 retail units and 164 basement parking spaces
- Ownership: Held by Emirates REIT since 2014
- Improvements: Underwent significant repositioning, including renovations and tenant mix enhancements
Strategic Sale and Financial Impact
The net proceeds from the sale will be used to partially redeem the secured sukuk certificates issued on December 12, 2022, aligning with Emirates REIT’s current refinancing project. This strategic divestment supports the company’s broader goal of optimizing portfolio performance and reducing financing costs.
Statements from Equitativa
Thierry Delvaux, CEO of Equitativa, expressed satisfaction with the transaction, highlighting its positive impact on Emirates REIT’s stakeholders and its contribution to the company’s long-term success.
Emirates REIT’s Portfolio
Post-sale, Emirates REIT’s portfolio includes nine properties across Dubai, with a net lettable area of 202,575 square meters. This sale reinforces the company’s strategy to enhance value for stakeholders while maintaining a robust and diversified real estate portfolio.
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