The procured funds will gradually be utilized and funded for primarily the latest property-based progressions.
UAE listed and Abu-Dhabi based Reem Investments is overviewing for raising a staggering 6 Billion Dirhams ($1.6Bln) in Debts and fresh equity for funding and amply supporting out the latest real estate progression, as per a stock exchange filing on Wednesday.
The firm announced the Abu Dhabi Securities Exchange (ADX), on which Reem Investments shares trade, that; “In light of renewed optimism in the real estate market, the company will be undertaking new developments in Najmat, Reem Island. For financing these developments, the company would be seeking a mix of debt and fresh equity in the order of 4.5 billion dirhams and 1.5 billion dirhams, respectively.”
Reem also stated further that it will be introducing a serviced land plots for sale in Najmat.
The establishment’s real estate arm, Reem Developments, at present has two mega projects, a 16-million-square-foot township in Najmat and additionally a mixed-use project in Rawdhat which will target more than 18,000 inhabitants as well as the commercial tenants.
The UAE’s property (Real Estate) market has freshly witnessed out an intensification in demand for homes, with purchasers breaking up completed and off-plan residential units. The preceding month, Aldar sold out the villas at its newly launched project on Yas Island in just 48 hours.