DAMAC Real Estate Company has acquired a development land plot from Dubailand LLC covering 55 million sq. ft. worth AED 1.88 billion ($513 million), DAMAC informed investors in the London Stock Exchange via a regulatory news service (RNS).
This disclosure comes as part of DAMAC’s legal commitments following its issuance of global depository receipts (GDRs) on the London Stock Exchange under the symbol DMC.
The land is being purchased through DAMAC’s subsidiary Front Line Investment Management Co LLC, DAMAC said, noting that “the consideration will be satisfied using the proceeds of the $650 million Sukuk which the company placed in Q2 this year”.
The land bank is over 30% larger than DAMAC's current AKOYA master planned development of 42 million sq. ft. and the acquisition is in line with the Company's long term strategy of replenishing its land bank with land in prime Dubai locations to ensure a consistent pipeline of future sales inventory, according to the Company’s statement.
This disclosure comes as part of DAMAC’s legal commitments following its issuance of global depository receipts (GDRs) on the London Stock Exchange under the symbol DMC.
The land is being purchased through DAMAC’s subsidiary Front Line Investment Management Co LLC, DAMAC said, noting that “the consideration will be satisfied using the proceeds of the $650 million Sukuk which the company placed in Q2 this year”.
The land bank is over 30% larger than DAMAC's current AKOYA master planned development of 42 million sq. ft. and the acquisition is in line with the Company's long term strategy of replenishing its land bank with land in prime Dubai locations to ensure a consistent pipeline of future sales inventory, according to the Company’s statement.
Source:
Mubasher
