Dubai’s Emirates National Bank of Dubai (NBD) has acquired UAE’s first purpose-built student accommodation (PBSA) block through its ENBD Real Estate Investment Trust (Reit) for Dh120 million.
The acquisition of Uninest block, located in Dubai Academic City, is under a sale and leaseback agreement with Global Student Association (GSA) which is developer and operator of the building. The agreement is for next seven years with the developers.
The PBSA block is spread across an area of 160,000 sq. ft. and offers 242 rooms and 424 beds in nine floors. Among amenities and facilities, the block facilitates a gym, entertainment room, cinema room, study area, a cafe and a rooftop pool.
“As GSA plans to grow its presence in Dubai and the UAE, we are looking forward to a strategic partnership that will allow both parties to support the growth of the Emirates’ education sector,” says Tim Rose, Real Estate Head, Emirates NBD Asset Management.