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Eshraq Investments (Eshraq) announced that it has entered into an agreement to sell all 58 apartments it owns in Burj Daman-DIFC-Dubai for a total sale consideration of AED162 million (US$44 million).
These transactions are a continuation of the company’s steady progress in its three-year land and low-yield investment monetization plan.
A statement from Eshraq said that under the agreement, the parties hope to complete all legally and administratively necessary procedures for the transfer of the apartment within the next few weeks.
The company said it intends to use the proceeds of the sale for an upcoming dividend distribution to shareholders, debt repayment, new investments and share repurchases.
Chairman Jassim Alseddiqi said, “We are very pleased with the strategic sale of our Burj Daman units. Despite strong demand, these units are bringing a very low yield of 3% to the company.”
“The sale of these units will free up liquidity to better deploy other earning opportunities and reward shareholders in the form of dividends and share repurchases. We are also exploring sales and partnerships of remaining land parcels and real estate assets to enhance shareholder Payback,” he added.-TradeArabia News Service
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