Sorouh Real Estate PJSC, the Abu Dhabi-based real estate developer (ADX: SOROUH), announced the signing of a 30-year residential lease agreement at its Al Rayyana development in Abu Dhabi. The agreement was signed with Defense Conseil International (DCI) Group, a French government-related company, for almost 20% of the total project (287 units out of 1,537 available units) at prevailing real estate market rates.
Al Rayyana is a purpose-built, gated apartment community that is being developed overlooking the Abu Dhabi Golf Course. Once completed in the first half of 2012, Al Rayyana will be a large scale residential leasing project, which will significantly strengthen Sorouh’s recurring income portfolio.
Jean-Louis Rotrubin, Chairman and CEO of DCI, said; “It is a pleasure for us to have signed this agreement with Sorouh. Al Rayyana is situated in a very attractive location at the entrance to Abu Dhabi and near the major highways. Its apartments and facilities will be completed to an excellent standard and the development will serve our needs well.”
Abubaker Seddiq Al Khouri, Managing Director of Sorouh, commented: “We are very proud to have DCI as a long-term tenant at Al Rayyana and to be able to help accommodate a growing community of French expatriates. Al Rayyana is an important development for Sorouh as it will form an important part of our cash generative recurring income portfolio. Despite challenging market conditions, today’s announcement reaffirms our view that there is still significant demand for high quality real estate in desirable locations in Abu Dhabi.”[mpoverlay][/mpoverlay]
