Dubai-based real estate investment trust ENBD REIT has revealed that it has acquired the South View School development in Dubai's Remraam community at a value of $15m (AED 55,000,000).
Set to open in September 2018, the upcoming school is set to become Interstar Education's fifth Dubai campus and is expected to offer pupils a British curriculum. A well-established within the UAE market, Interstar Education also operates the Victory Heights Primary School in Dubai Sports City.
Tim Rose, head of real estate at Emirates NBD Asset Management, said: "This is our first education asset, and an important step in the ongoing diversification of our portfolio away from purely office and residential properties."
As per the agreement, ENBD REIT will develop a 132,000 square feet school on the plot, which is estimate to foster an initial rental yield of roughly 9%.
In May 2017, the real estate investment trust invested $120m to acquire the Uninest Dubailand student accommodation building in the city.
ENBD REIT also made headlines last March when it listed its shares on Nasdaq Dubai after raising $105m through a public offering.
ENBD REIT is a Shariah-compliant real estate trust overseen by Emirates NBD Asset Management.