Dubai Residential REIT has acquired 220 townhouses in Jebel Ali Village through a forward purchase agreement for US $243mn.
The acquisition comprises a mix of 3- and 4-bedroom townhouses, further expanding REIT’s portfolio of income-generating residential assets.
The transaction follows REIT’s March acquisition of 56-villas in the Garden View Villas community. Combined, the Jebel Ali Village townhouses and Garden View Villas are expected to generate approximately US $20.4mn in additional annual revenue.
Dubai Residential REIT is a Shariah-compliant, closed-ended real estate investment fund focused on generating rental income. Managed by DHAM REIT Management, a subsidiary of Dubai Holding, REIT is listed on the Dubai Financial Market.
