Eshraq Investments Announces Profitable Sale Of Nuran Marina Hotel
Date
9/11/2023 9:06:41 AM
(MENAFN- Mid-East.Info) Concluding at a 45% premium, sale is the most lucrative transaction to date for the Company since announcing its investment strategy Transaction paves way for promising reinvestments, with aim to deliver even greater value for shareholders in years to come Deal demonstrates Company's commitment towards disciplined and opportunistic execution of its investment strategy.
Abu Dhabi, UAE: Eshraq Investments PJSC (“Eshraq” or“Company”), listed on the Abu Dhabi Securities Exchange (“ADX”), today announced that it has successfully completed the sale of Nuran Marina Hotel. The hotel was sold for a remarkable AED 133 million, marking a 45% increase over book value.
The profit-making sale of Nuran Marina, a standout property in Eshraq's Leasing and Hospitality portfolio, showcases the Company's expertise in delivering on its investment vision. This transaction reaffirms the Company's unwavering commitment to enhancing shareholder value through capital appreciation of well-managed, high performing assets.
Mohamed Al Hashimi, Chief Executive Officer of Eshraq said,“The profitable sale of Nuran Marina transaction is exciting news for our shareholders as it marks a pivotal milestone in the investment strategy we laid out last year. It stands testament to how we consistently strive to deliver value for our shareholders. While we remain optimistic for the real estate sector and our assets in particular, proceeds from this sale will unlock new opportunities for Eshraq enablingto bringing innovative opportunities to an even wider group of investors.”
Continued Al Hashimi,“Eshraq's approach has always been opportunistic and we are now firmly in our value realization phase as we monetize a well-managed asset that has delivered significant capital appreciation. Looking ahead, we remain focused on our investment path of value creation and attractive risk adjusted returns for shareholders.”
About Eshraq Investments:
Eshraq Investments is an investment Company based in Abu Dhabi, UAE, with assets of around AED3 billion in real estate, public equities, fixed income, private equity and debt products. For further information, please visit .
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