According to a company statement, ENBD REIT has bought The Edge office building in Dubai Internet City from developer SWEID & SWEID for AED 280 million (USD 76.2 million).

According to the Shari’a-compliant real estate investment trust, which is managed by Emirates NBD Asset Management the 92,000-square foot office building is a prime grade ‘A’ property,

The building is home to social media giant Snapchat, global tech outfit Oracle and American education publisher McGraw Hill.

It boasts 7 Storey’s and 233 parking bays distributed over the ground floor and three levels of basement parking.

The entire asset will deliver a net yield of 6.6% and a gross yield of 7.4% the trust said.

Tim Rose, Head of Real Estate at Emirates NBD Asset Management said “We’re happy to announce our third acquisition since listing on Nasdaq Dubai in March, and it is fitting that The Edge is a fully-leased, prime grade ‘A’ asset,”

“With a levered return of 9% on equity, this is a strategic acquisition of a flagship building that will provide income and growth in the coming years, thereby providing us with flexibility to engage in a wider range of future investment opportunities, while at the same time delivering strong and consistent returns to shareholders.”

Following the acquisition of The Edge on the 5th October 2017, ENBD REIT now has a total of 10 assets across Dubai, with a property portfolio value of $447m.