Eshraq Investments sells land in Al Reem Island for $34.47mln

Eshraq Investments sells land in Al Reem Island for $34.47mln

Eshraq Investments on Monday announced that it has entered into a sale and purchase agreement (SPA) with Reportage Properties for the sale of a land plot on Al Reem Island, Abu Dhabi, with approximately 650,000 square feet of Gross Floor Area for a purchase price of Dh126.6 million.

The sale is concluded at a price higher than the plot’s book value and underscores the Company's potential to monetise the land bank via transactions that are accretive to Eshraq’s shareholders.

Reportage Properties is one of the leading real estate developers offering affordable, modern design homes in Abu Dhabi, Dubai, KSA, Turkey, Egypt and Morocco. Under the terms of the sales agreement, Reportage Properties will use the plot in Al Reem Island for a residential project to be developed over a five-year period.

Following the previous sale of two plots in JVC to Danube Properties, the sales agreement with Reportage Properties is another step in Eshraq's land monetization programme, which was approved by the board of directors on September 2, 2022. Under the program, Eshraq has so far sold c. 27 per cent of its existing land bank GFA for Dh160 million, and Eshraq remains in discussions with other parties regarding the sale or joint