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Qannas Investments (QIL)

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Monday 02 February, 2015

Qannas Investments

Acquisition

RNS Number : 8207D
Qannas Investments Limited
02 February 2015
 



Qannas Investments Limited

 

Acquisition

 

Qannas Investments Limited (the "Company" or "Qannas"), a closed-ended investment company listed on the London AIM market, is pleased to announce that it has secured the purchase of 2 premium units (penthouses) in the development Marina 101 at Dubai Marina for AED 9.1m ($2.5m) (the "Transaction").

ADCM Ltd ("ADCM") the Investment Manager to the Company has sourced these units from the developer at a rate of AED 1,250 ($340) per square foot, representing a discount of 26.4% to the current unfinished selling price of the units and 35.1% to the current market rate for a finished unit of similar size in the Dubai Marina area.

The units each have three bedrooms and are located on the 88th floor, one with a seaside view and one with a view over the Sheikh Zayed Road. The units are 3,653 square feet in size and come with underground parking spaces. Marina 101 is c. 85% complete and the developer expects to reach completion in Q1 2016.

For further information please contact:

 

Qannas Investments Limited                                                         Tel: 01534 818 022

Vinod Rajput

 

ADCM Ltd. (Investment Manager)                                            Tel: +971 2 639 0099

Mustafa Kheriba

 

finnCap Ltd                                                                                            Tel: 020 7220 0500

Stuart Andrews/James Thompson (Corporate Finance)

Simon Johnson (Corporate Broking)

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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