DAMAC acquires 55 million sq ft Dubai development plot for USD513 million

Mon, 04/08/2014 - 16:05

DAMAC Real Estate Development Limited (DAMAC), the Dubai based luxury real estate development company, has acquired a development land plot from Dubailand.

The plot comprises circa 55,000,000 sq ft of land in Dubai and is being purchased through the company’s subsidiary Front Line Investment Management for a total financial commitment of circa USD513 million.
The consideration will be satisfied using the proceeds of the USD650 million Sukuk which the company placed in Q2 this year.
The land bank is over 30 per cent larger than DAMAC’s current AKOYA master planned development of 42,000,000 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.

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