Abu Dhabi, United Arab Emirates: Ishraq Investments PJSC (Ishraq) today announced to its shareholders a sale and purchase agreement with Danube Properties for the sale of the previously announced two plots of land within Jumeirah Village Circle.
On October 6, 2022, Ishraq announced the sale of two plots of land in Jumeirah Village Circle in Dubai to Danube Real Estate at a basic price of 33.1 million dirhams, in addition to an annual profit and additional payments due to Ishraq linked to the profits of the project.
Danube Properties recently announced the sale of all units of its project in the two aforementioned lands at a value of 550 million dirhams, and it expects to hand it over by December 2025. The project benefited from the growing demand for low-priced residential properties in the UAE, and succeeded in attracting the interest of investors, buyers and brokers since the day it was launched.
With this sale, Ishraq removes the collection risks associated with the sale, and confirms its commitment to providing the best value to its shareholders by entering into partnerships with reliable real estate developers in the UAE. It also constitutes an advanced step in implementing the company’s plan to monetize its land portfolio, which was approved by its board of directors on September 2, 2022.
Jassim Al Seddiqi, Chairman of Ishraq Investments, said: “We are pleased to congratulate Danube Properties for launching another successful project. We affirm our commitment to providing exceptional value to our shareholders by entering into partnerships that support the implementation of our plan to efficiently monetize our land portfolio. We are confident that our plans will enhance Ishraq’s profits and returns for its shareholders. “.
Ishraq aims to fully liquidate its land portfolio over the next three years through sales or the introduction of partners to develop real estate and then sell it.
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About “Ishraq Investment”
Ishraq Investments is a leading investment company headquartered in Abu Dhabi, UAE, with assets of more than AED 3.8 billion in real estate, equities, fixed income, private equity and debt products. For more information, please visit the website: www.eshraquae.com
For media inquiries regarding Ishraq, please contact:
Omar Nasro
Echoes BCW
Dubai United Arab Emirates
Tel: 971 4 450 7600
Email: [email protected]
