Dubai – Mubasher: Emirates REIT announced on Sunday, March 1, 2015 that Eiffel Management has acquired Dubai Islamic Bank’s (DIB) 25% stake in Emirates REIT Management Limited (the REIT Manager), the manager of Emirates REIT (CEIC) Limited.

In its filing to NASDAQ Dubai, Emirates REIT revealed that the transaction “for an undisclosed amount” means that Eiffel Management Limited now owns 100% of the REIT Manager’s total issued share capital.

“The REIT Manager is responsible for running the property portfolio of Emirates REIT and all the operations concerning the REIT”, the announcement highlighted, adding that the REIT Manager is a private company incorporated in the Dubai International Financial Centre (DIFC) and regulated by the Dubai Financial Services Authority (DFSA).

Jointly launched by Eiffel Management Limited and DIB in 2010, the REIT is the UAE’s first regulated Sharia-compliant Real Estate Investment Trust incorporated in the DIFC.