Sign up for free newsletter

 

Dubai

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

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.


Subscribe to free daily newsletter
latestjobs
Senior C#/Angular JS Web Developer 200-300K

Fri, 17 Apr 2015 00:00:00 GMT

SQL Developer

Fri, 17 Apr 2015 00:00:00 GMT

Senior VP Valuations- OTC Derivatives

Fri, 17 Apr 2015 00:00:00 GMT

events
1 day 18 hours from now - _
2 days 18 hours from now - Boston
specialreports