DUBAI 22 July 2018: Palmon Group, one of UAE’s home-grown conglomerates, has announced the launch of its private real estate investment trust (REIT) Manrre – a Property Fund and a Real Estate Investment Trust for qualified investors.
With an aim to raise about Dh330m as part of its strategy to acquire additional rent-yielding commercial assets, Manrre’s goal is to generate a regular source of income for investors by way of distributing quarterly dividends and targeting 8 per cent annualized return, the company said.
Also accepting investments in kind, Manrre currently holds a portfolio of 19 real estate properties worth Dh215 million across the UAE and its portfolio consists of 62 per cent investment in logistics assets, 23 per cent in industrial assets, 8 per cent in office assets and 7 per cent in staff accommodation.