ENBD REIT (CEIC) Ltd. agreed to acquire a community retail center in Dubai Silicon Oasis from Souq Extra LLC for 210 million UAE dirhams, with phase one closing at 84 million dirhams.
Phase one of the development offers 36,000 square feet of gross leasable area comprising 42 retail units, which are 100% let to various tenants, including Carrefour Market, KFC, McDonald's and Starbucks.
The company also agreed on terms to acquire phase two of the development, consisting of a 55,000-square-foot expansion, on completion in the last quarter of 2018.
ENBD is acquiring both phases using its existing finance facility at an 8% net yield on cash.
Cavendish Maxwell and Knight Frank were Souq Extra's advisers on the deal.
As of Dec. 25, US$1 was equivalent to 3.67 UAE dirhams.