Eshraq announces successful land transaction with Danube ...United Arab Emirates

ME CONSTRUCTION NEWS - Local News
Eshraq announces successful land transaction with Danube
source : ME CONSTRUCTION NEWS ( United Arab Emirates ) () 18
Eshraq Investments has announced an update to its shareholders regarding its previously announced sale agreement with Danube Properties, for the sale of two plots in Jumeirah Village Circle (JVC) in Dubai. Following the announcement of the deal on 6 October 2022, Eshraq has now said that in addition to the initial purchase price of $9.01mn, the sale and purchase agreement provided for an annual profit and an earn-out mechanism, payable to Eshraq tied to the projects’ profits. Danube recently announced that its $150mn project, ‘Elitz’, on these plots has now been sold out and is expected to be handed over by December 2025. The project, which taps into growing demand for affordable housing in

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