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ENBD REIT buys student residence for 120M UAE dirhams

ENBD REIT (CEIC) Ltd. acquired Dubai's first purpose-built student residence from Global Student Accommodation for 120 million United Arab Emirates dirhams in a sale-and-leaseback deal.

The Uninest Dubailand covers a floor area of 160,000 square feet, including two basement levels, a ground floor and nine upper stories.

The 242-room property was built in 2016 and is near Dubai Academic City.

The real estate investment trust, which listed on the Nasdaq Dubai in March, now has a property portfolio worth $349 million.

As of May 29, US$1 was equivalent to 3.67 United Arab Emirates dirhams.