The Residential REIT (IC) Limited has finalised acquisition transactions at a value of AED 772 million in collaboration with Abu Dhabi Islamic Bank (ADIB), large Saudi institution, and another firm.
The Residential REIT (IC) Limited is one of the first Shari’ah compliant residential Real Estate Investment Trusts in the UAE.
ADIB has participated in establishing 165 residential units, distributed over three buildings in ‘Marina Square’ project, the units are located near to Abu Dhabi Global Market (ADGM).
The Saudi institution and the other company collaborated in establishing three buildings that include 285 residential units which are located in Saadiyat Beach Residences project.
The Residential REIT (IC) Limited’s portfolio hit AED 1.3 billion by the end of 2017 through owning 1,069 residential units.