Emirates NBD REIT renews the Oracle contract

Emirates NBD REIT renews the Oracle contract
Emirates NBD REIT renews the Oracle contract
(MENAFN – Al-Bayan) Source: Date: October 08, 2020 Emirates NBD REIT (a closed investment company), a Sharia-compliant real estate investment fund, managed by Emirates NBD Asset Management, has announced the renewal of lease contracts for a group of tenants in its largest real estate assets. The total value of the renewed contracts is approximately 865 million dirhams, as of 30 June 2020.

Oracle, Emirates NBD REIT’s largest tenant, has renewed its lease on the Edge building for an additional five years. Oracle currently occupies 76,422 square feet across 5 floors of the building, which enjoys a privileged location in for the Internet. Emirates NBD REIT, where recent leases have reached five years, which is equivalent to 23% of the total available office space, whose contracts have been renewed in these buildings.

The new contracts and lease renewal contracts contributed to a significant improvement in the expected average of unexpired leases for the company’s portfolio, as it increased from 3.2 to 3.9 years.

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