Parents at Jebel Ali School – which was established in 1977 – were informed on Friday that the school has been sold to the Taleem Group, an education provider in the UAE.
They have also been informed that in line with the fee freeze mandated by the Knowlege and Human Development Authority (KHDA), tuition fees will remain unchanged for the 2022-23 academic year while the school’s debenture policy will be changed.
In a statement to ARN News, Emirates REIT confirmed that it had sold its property hosting Jebel Ali School, which is located in Akoya in Dubai.
Emirates REIT has held the plot since 2015 and had funded the development of the state-of-the-art school facility.
It said the aggregate consideration of the transaction to be paid by Taaleem to Emirates REIT is equal to AED 233.5 million and comprises both the property sale price; a quantum equal to the last valuation undertaken by one of the REIT’s independent valuers and the settlement of the school outstanding liabilities towards the REIT.
Upon receipt of the full consideration, the total return on investment derived by Emirates REIT from the Jebel Ali School property over the hold period will be 1.4 times its investment.