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ENBD Reit acquires signature Internet City building

The ENBD Reit Ltd. has acquired The Edge office building in Dubai Internet City from the developer Sweid & Sweid for Dh280 million. The 92,000-square-foot office building currently lists Oracle, Snapchat and McGraw Hill as tenants. The seven-storey development has 233 parking bays distributed over the ground floor and three levels of basement parking. The acquisition utilises ENBD Reit’s existing Islamic debt facility, which means that the property portfolio is running at a loan-to-value ratio of 32 per cent. The entire asset will deliver a gross yield of 7.4 per cent and a net yield of 6.6 per cent.

Source: Gulf News

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