CAIRO: Amlak Finance and Mazaya Holding announced the signing of the Definitive Agreement for the purchase of 80 percent of Skygardens @ DIFC tower for AED 1.65 billion ($449.3 million), according to a press statement.
Commenting on the signing of the agreement, Arif Alharmi, chief executive officer of Amlak Finance, said, “I am delighted to announce that we have decided to move ahead with the definitive agreement of this remarkable architectural masterpiece. From our perspective all pending issues were cleared with the assistance of the Dubai International Financial Center (DIFC), paving the way for this transaction to be finally concluded. I would like to thank all the parties involved in this project for their cooperation.
Skygardens is expected to strengthen Amlak’s positioning as a major contender in the real estate market and to create additional shareholders’ value. Following the recent restructuring efforts, Amlak Finance has focused on its core business – home finance and real estate investments.
Khalid Esbaitah, chief executive officer and managing director, Mazaya Holding commented, “With the Sky Gardens transaction successfully completed, we are already looking ahead towards cementing a long term relationship with Amlak with the objective of entering into future accords.
Esbaitah also noted that Mazaya continues to fortify its position in the regional real estate market and that following the completion of the transaction, Mazaya and its subsidiary, First Dubai Real Estate Development Company, will reap operational profits that will be accounted for during the next year and a half.
Skygardens @ DIFC is the first high-rise residential tower ready to move-in located at the heart of the DIFC. Fendi Casa, the world renowned house of style, will stamp its double-F insignia on apartments, thus adding an additional touch of class to each home.
