Dubai - Mubasher: Emirates Real Estate Fund (EREF), managed by Emirates NBD, acquired a residential building in Dubai’s Silicon Oasis, according to a statement.
In the last two years, EREF invested more than AED 600 million ($163.3 million) in real estate acquisitions, including Arabian Oryx House in Al Barsha Heights, part of Burj Daman in DIFC and Remraam in Dubailand.
The fund’s asset allocation was 50% commercial real estate and 19% residential with a cash balance of 21%, according to Tariq Bin Hendi, CEO of Emirates NBD Asset Management.
EREF’s asset portfolio, including cash, is valued at AED 1.5 billion ($408.3 million) as of June 30 2016, the statement highlighted.
