UAE - Mubasher: Emirates REIT has sold half of a shell and core office floor in Index Tower in the Dubai International Financial Centre (DIFC) in exchange for AED 40 million.

The sale has resulted in a valuation gain of AED 18 million compared to the latest valuation of the space, according to a press release on Thursday.

Upon the completion of the transaction, the REIT remains the principal owner in Index Tower with 79% of the office floors.

Following the sale, the occupancy of Index Tower’s office units increases to 59% from 50% at end of 2020, reflecting the underway recovery in demand for high-quality real estate in Dubai.

The Group Chairman of Equitativa, Sylvain Vieujot, said: "We believe the REIT is increasingly well-positioned to implement its turnaround strategy and deliver on the many opportunities across its portfolio."

It is noteworthy to mention that on Monday, 7 June, the company rescinded the voluntary consent solicitation memorandum (CSM), which aims to exchange existing unsecured Sukuk certificates with new secured Sukuk certificates on a dollar-for-dollar basis.