24 August 2017
Taylor Wessing’s Dubai real estate team has advised Emirates REIT on the purchase of the European Business Centre in Dubai Investments Park (DIP) for AED 130 million.
Emirates REIT is the world’s largest Sharia compliant REIT.
Located in the heart of Dubai’s new industrial area, the European Business Centre is the latest addition to Emirate’s REIT’s portfolio that includes commercial and educational assets across Dubai. This acquisition takes the portfolio value over the AED 3 billion threshold.
Jerry Parks, partner and head of Real Estate at Taylor Wessing Dubai commented: "This transaction was an interesting one involving a NASDAQ listed REIT buying an asset located in Dubai Investments Park (DIP), part financed by a sharia compliant loan facility. All parties involved worked together to ensure compliance with the transactional requirements of both DIP and the Dubai Land Department, to secure completion within the target timeframe."