Emirates REIT announces sale of Trident Grand Mall for $20 mln

Trident Grand Mall, acquired in 2014, is one of the most prominent two-floor retail components comprising 22 retail units and 164 basement parking bays.

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The transaction, which closed on July 18, ended with a final purchase price of AED 74 million ($20 million) against the latest valuation of the asset.

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Emirates REIT proposes to use the net sale proceeds to redeem part of the secured Sukuk certificates issued in December 2022.

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Equitativa’s chief executive, Thierry Delvaux, was happy with the way the deal had ended, pointing out that it would be beneficial to Emirates REIT stakeholders.

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After divesting Trident Grand Mall, Emirates REIT now holds a portfolio of nine diverse and well-positioned properties in Dubai, with a net lettable area of 202,575 square metres.

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Industry analysts have hailed the transaction as an endorsement of Emirates REIT’s proactive asset management strategy and financial discipline

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