Sorouh signs long-term lease for 287 units

Sorouh Real Estate has signed a 30-year residential lease agreement for 287 units out of 1,573 available units for rental in the Alrayyana development, which will “significantly” strengthen its recurring income portfolio, the company said on Tuesday.

“The lease has been signed at prevailing market rates. When complete in 2012, Alrayyana will be a large scale residential leasing project, which will significantly strengthen Sorouh’s recurring income portfolio,” it said in a statement posted on the Abu Dhabi Securities Exchange.

According to company website, Alrayyana is a community targeting the mid-level income residents and offers convenient access to both Abu Dhabi and Dubai.

The development, comprises 33 low-rise blocks, housing 1,537 one, two and three- bedroom apartments. It is the only apartment complex in Abu Dhabi to offer the amenities of villa communities, with pools, a community centre, sporting facilities, retail, restaurants and a mosque.