UAE: Shariah compliant Emirates REIT has increased its portfolio to almost AED1.2 billion (US$326.62 million) with the acquisition of the seventh floor of the Index Tower comprising 22,000 sq ft of commercial space, from EFG Hermes in exchange for an approximate 4% share in the REIT.
Emirates REIT also has ownership of 698 parking spaces in the Index Tower as well as retail space; the office space and car parking are available for immediate lease.
The trust has also expanded its shareholder base with regional and international investors: Emirates NBD, which now holds a 5% share, Singapore Enterprises, with 3% and private investors with 1%. Singapore Enterprises is a majority shareholder in Sabana, the largest listed Shariah compliant REIT in the world in terms of both market capitalization and total assets as of the 30th June 2013.