Dubai PR Network, Online Press Release from Dubai and Middle East
Filter PR by
  
Eiffel Management Limited acquires DIB stake in Emirates REIT Manager

Dubai – 1 March 2015: Emirates REIT announces that Eiffel Management has today acquired Dubai Islamic Bank’s (‘DIB’) 25% stake in Emirates REIT Management (Private) Limited (the “REIT Manager”), the manager of Emirates REIT (CEIC) Limited (‘Emirates REIT’ or the ‘REIT’). The transaction, for an undisclosed amount, means Eiffel Management Limited now owns 100% of the REIT Manager’s total issued share capital.

The REIT Manager is responsible for running the property portfolio of Emirates REIT and all the operations concerning the REIT. The REIT Manager is a private company incorporated in the Dubai International Financial Centre and licensed by the DFSA.

Eiffel Management Limited and DIB launched the REIT in 2010; the UAE’s first regulated Shari’a-compliant Real Estate Investment Trust incorporated in the DIFC.

Abdulla Al Hamli, Managing Director of the Dubai Islamic Bank and Chairman of Emirates REIT Management (Private) Limited, said:

“Dubai Islamic Bank has played an instrumental role in the development of the REIT with Eiffel Management, supporting this successful project, including the listing of the REIT on NASDAQ Dubai last year. The REIT has developed according to the initial plans and DIB now wants to be able to concentrate on its role as a strategic shareholder of the REIT.”

Sylvain Vieujot, Chairman of Eiffel Management Limited and Executive Deputy Chairman of Emirates REIT Management (Private) Limited, said:
“I would like to thank DIB for their valuable support. Since inception Emirates REIT has developed a solid portfolio of strong income producing assets, today valued at over AED 2.2 billion. We are continuing to expand our team to give the best service to the REIT, and we are pleased that Mr Al Hamli will remain on the Board as Independent Chairman.”

Posted by : GoDubai PR Dept, -
Viewed 11425 times
PR Category : Banking & Investments
Posted on : Sunday, March 1, 2015  1:56:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to

Related Stories


 
 
Most Viewed Press Release posted in the last 7 days
Sephora: Are You Ready to Join the #SephoraSquad? [10571-Views]
Emirates Post Issues Set of Commemorative Stamps for the New Logo for People of Determinat... [9852-Views]
How to Beat Pigmentation with DERMAdoctor [9376-Views]
Cerruti 1881 - Special Product Launch for Mother's Day [9327-Views]
Rate Hawk is Live with Global Innovations Flagship Product TassPro and Itinerary [8790-Views]
Spoil her this Mother's Day with gifts from Marks & Spencer [8778-Views]
Enjoy a Selection of Anti-Aging Products from Beauty Solutions [8076-Views]
TBO Holidays Hotel XML API Integrated with TassPro and Itinerary HomePR & EventsTBO Holida... [7161-Views]
Ferragamo Sapphire Collection [6838-Views]
Tag Heuer Opens Boutique at Mall of the Emirates [6777-Views]
Get Great Hair Naturally With HASK's Latest Haircare Collections This Spring! [6680-Views]
HRH the Prince of Wales Officially Opens the National Automotive Innovation Centre [6088-Views]
HH Sheikh Mansour bin Mohammed Visits Dubai Sports Council [5142-Views]
Expedia Partner Solutions (EPS) Partnered with Global Innovations [4904-Views]
Discover Marks & Spencer's Oud Collection this Ramadan [4880-Views]
Stars Join OMEGA at the Olympia Bob Run in St. Moritz [4508-Views]
Statement Stilettoes from Steve Madden [4368-Views]
Chronoswiss Sirius Chronograph Moon Phase [4349-Views]
Dubai Cares Donates 2,000 Books to Wanna Read? Initiative to Instill the Habit of Reading ... [4325-Views]
Corum AC-One 38 Automatic [4264-Views]
Honor Bolsters Its 1+8+N All-scenario IoT Strategy With Comprehensive Suite of New Smart... [4233-Views]
Visit of Punjab Minister at Al Maya Stand @ Gulfood 2020 [4203-Views]
This Unbeatable Bundle Offer makes it the Best Time to Buy the King of 5G Smartphones HU... [4008-Views]
Steve Madden Spring 2020 Collection Launch [3983-Views]
The Kiss of True love [3977-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories