Emirates REIT, a real estate investment trust, has announced it has secured land to develop a new British Colombia/Canadian School in Dubai Investment Park.
The company already owns two schools: Jebel Ali School and GEMS World Academy, both on long lease to the schools' opperators.
The new school will bring the company's investment in education up to Dhs 709 million.
The school will utilize a plot of 25,000 square metres and will be developed over two phases.
The catchment area for the new school, according to the developer, will be the nearby substantial residential developments including the Green Community, Jumeirah Golf Estates, International Media Production Zone, Dubai Sports City, Discovery Gardens, Jumeirah Village Circle and Jebel Ali Village.
Emirates REIT told Arabian Business that the agreement is a 28 year lease with a 'sale and lease-back' agreement.
Emirates REIT CEO Sylvain Vieujot said: "This is Emirates REIT’s third school transaction and we are delighted to partner with the British Columbia Canadian School."
“We continue to believe in the strategic importance of the education sector in the UAE, and this new school will be a new landmark in a fast-growing area of Dubai."
“For shareholders of the REIT, the transaction will immediately increase rental income, offer substantial valuation upside and provide secure cash flows in the long term.”
There are 45 British Colombia Canadian schools located in 8 countries; Thailand, Egypt, Japan, China, South Korea, Qatar, France and Colombia.