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ENBD Reit, the Dubai-listed real estate investment trust managed by Emirates NBD Asset Management, has acquired Dubai's first purpose-built student accommodation block from Global Student Accommodation.
The 424-bed student development has been purchased on a sale and leaseback agreement, at a transacted value of Dh 120 million.
The acquisition is ENBD Reit's first into the student accommodation market, and forms part of its strategy to diversify its asset portfolio. As part of the deal GSA has entered into a 7-year lease.
The property Uninest Dubailand is the first of its kind in Dubai. Constructed in 2016 the development is situated close to Dubai Academic City, serving students attending more than 30 institutions across the city.
Birmingham University also recently announced its intention to open a new campus in Dubai's academic city as part of its global expansion.
Commenting on the Uninest Dubailand acquisition, head of Real Estate at Emirates NBD Asset Management, Tim Rose, said: "We're very pleased to announce our first acquisition since the successful listing of ENBD Reit on Nasdaq Dubai in March. This is an important step in our capital deployment programme, and a key milestone for the process of diversifying our portfolio beyond traditional asset classes."
In addition to the 424 beds, the property will come equipped with a gym, entertainment and cinema room, dedicated study area and outdoor terrace.
The operator also provides a regular shuttle service to universities and shopping malls.
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