The UAE’s first ever residential property Real Estate Investment Trust (REIT) has kicked off with a seed portfolio of Dh418 million ($113 million).
The residential REIT was founded by Al Hamra Real Estate Development and National Bonds Corporation who provided a portfolio of income-producing units.
Al Hamra contributed with 371 units at the Al Hamra Village, Ras Al Khaimah. This includes 472,250 sq ft of net leasable area. While National Bonds provided a building with 112 units known as “Barton House” in Motor City with 86,239 square feet of net leasable area.
This marks the second fund in the UAE, following Emirates REIT Ltd. which boasts a Dh2.8 billion portfolio of office buildings, schools, and retail assets.