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Eshraq Investments sells land in Al Reem Island for Dh126.6m
Eshraq sells one of its plots on the Reem Island with approximately 650,000 square feet of Gross Floor Area; With this transaction, Eshraq has sold 27 per cent of its land bank GFA for a consideration of Dh160 million
Jassim Alseddiqi, chairman of Eshraq Investments said the transaction, at an attractive price, reflects the strength of the company's balance sheet. — File photo
Eshraq Investments on Monday announced that it has entered into a sale and purchase agreement (SPA) with Reportage Properties for the sale of a land plot on Al Reem Island, Abu Dhabi, with approximately 650,000 square feet of Gross Floor Area for a purchase price of Dh126.6 million.
The sale is concluded at a price higher than the plot’s book value and underscores the Company's potential to monetise the land bank via transactions that are accretive to Eshraq’s shareholders.
Reportage Properties is one of the leading real estate developers offering affordable, modern design homes in Abu Dhabi, Dubai, KSA, Turkey, Egypt and Morocco. Under the terms of the sales agreement, Reportage Properties will use the plot in Al Reem Island for a residential project to be developed over a five-year period.
Following the previous sale of two plots in JVC to Danube Properties, the sales agreement with Reportage Properties is another step in Eshraq's land monetization programme, which was approved by the board of directors on September 2, 2022. Under the program, Eshraq has so far sold c. 27 per cent of its existing land bank GFA for Dh160 million, and Eshraq remains in discussions with other parties regarding the sale or joint venture arrangements for other plots.
Eshraq's land monetisation programme is being implemented with the goal of fully monetising the Company's land bank over the next three years through the sale or engagement of partners to develop the land bank and its subsequent sale.
“We are pleased to enter into this agreement with Reportage Properties, one of the leading privately owned real estate developers in the UAE. The transaction, at an attractive price to us, reflects the strength of the Company's balance sheet. We are committed to continue our steady course of implementing the land monetization programme to improve Eshraq's profitability in the coming quarters,” Jassim Alseddiqi, chairman of Eshraq Investments, said.
Aref Ismail Al Khoori, founder and chairman of Reportage Group said: “We are pleased to be working with Eshraq on our first project on Reem Island. This is a great addition to our growing portfolio, which includes 17 projects in the UAE with approximately 11,000 residential units in key investment locations in Abu Dhabi and Dubai. In line with our approach to buy and sell and provide affordable housing solutions to the public, we continue to actively contribute to the growth of the UAE real estate market.”
— muzaffarrizvi@khaleejtimes.com
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