Dubai-based Binghatti Developers has signed a Dhs200m ($54.4m) sales deal with Oman’s Izdihar Real Estate Fund.
The agreement will see the fund, which is managed by Bank Muscat, acquire the Binghatti Vista and Binghatti Sapphires residential properties in Dubai Silicon Oasis.
Completed last month, Vista spans nine floors and 118 residential units for a total of 101,815sqft of leasable area. Facilities include a swimming pool, health club, children’s play area, multi-purpose hall, rooftop public area and three floors of pakring.
Sapphires has 10 floors and a total of 129 apartments spread across 113,920sqft of leasable area, with similar amenities.
“We’ve witnessed a lot of interest in our buildings from institutional investors looking for sustainable and long-term rental returns, and today’s milestone is the best testament to that,” said Binghatti CEO and head of architecture Muhammad BinGhatti.
Izdihar chairman Sulaiman Al Yahyai said the fund was looking to close more transactions within the region “in the next few months”.
Izdihar Real Estate Fund was the first real estate investment trust (REIT) established in Oman back in December 2015.
It has invested about $140m and is targeting additional investments of $250m, according to the announcement.
Binghatti has Dhs3.5m ($952.8m) of projects across the UAE.
The Dubai real estate market has suffered from falling sales prices and rents over the last two years linked to limited demand and new supply.