To list its units for trading (the “Units”) on the Dubai Financial Market (“DFM”), Dubai Holding, through its wholly owned subsidiary DHAM REIT Management (the “Fund Manager”), announced Monday that it would initiate an initial public offering (“IPO” or the “Offering”) for Dubai Residential REIT, a Shariah-compliant income-generating closed-ended real estate investment fund established and one of the largest owners and operators of residential real estate in Dubai.
According to a fund management agreement between Dubai Residential REIT and the Fund Manager, the Fund Manager will oversee the portfolio of Dubai Residential REIT, use its experience to guarantee steady returns and optimal asset performance. Managing and running the REIT’s residential asset leasing business, keeping an eye on the financial situation, key performance indicators, and advancement of Dubai Residential REIT’s business and portfolio investments (including obtaining semi-annual valuation reports), preparing the REIT’s financial reports for publication, and selecting and overseeing service providers for tasks like facility management and property management are just a few of the responsibilities of the fund manager.
Dubai Holding, a leading global investment company with one of the biggest land banks in the Emirate of Dubai, curates the larger residential ecology that the REIT benefits from. The only unitholder of Dubai Residential REIT at the moment is DHAM Investments LLC (the “Selling Unitholder”), a division of Dubai Holding, which is also offering 1,625,000,000 (one billion six hundred and twenty-five million) units in the offering.
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