Aldar Properties purchases Rixos Bab Al Bahr for $209.6 mn
RAK Hospitality has confirmed the sale of one of its hotel properties, the 715-key, all-inclusive Rixos Bab Al Bahr in Ras Al Khaimah, to Aldar Properties via its Aldar Investment for a total of $209.6 million.
According to media sources, as part of the deal, Aldar Investment has also gained development rights for an extra 2,50,000 sq ft of gross floor area for residential and commercial use. Alison Grinnell, Chief Executive Officer of RAK Hospitality Holding, told the media that RAK Hospitality Holding, through its hotel portfolio subsidiary, is delivering on its development..India's Office Sector Booms as REITs Expand Fast
India's office real estate sector is experiencing robust growth, driven by increased demand and strategic acquisitions by real estate investment trusts (REITs). Embassy Office Parks REIT, Brookfield India Real Estate Trust, and Mindspace Business Parks REIT collectively hold about 100 million square feet (MSF) of office space, representing approximately 12.5% of India?s total office stock. Their combined market capitalization stands at $8 billion.
When Embassy Office Parks REIT launched in 2019, it managed just over 24 msf. Over the past five years, the REIT expanded its completed a..
ArisUnitern Joins Essem 18 to Boost Real Estate
ArisUnitern has announced a strategic partnership with real estate developer Essem 18 to offer comprehensive development management services. This collaboration aims to bolster Essem 18's expansive portfolio of real estate projects with a focus on securing last-mile financing and enhancing sales and marketing efforts.
In the initial phase of the partnership, ArisUnitern will support Essem 18's 18-acre plotted development project in Shettigere, Bengaluru. This effort will include securing Rs 400 million in working capital to ensure the project's expedited completion.
This collabor..