National Real Estate earns 8.2 million dinars from Carina Views exit
- Total proceeds from the asset monetization program may reach 70 million dinars
- Completion of the transaction will reduce net debt to less than 100 million dinars
- Faisal Al-Aissa: The divestment program enhances our financial flexibility and positions the company for growth
According to a statement by National Real Estate Company, the company’s broader divestment program, which includes the Carina Views transaction and several other recently completed deals, totals approximately 70 million dinars.
The latest transaction involves Carina Views Property Development Limited, which owns two land plots on Al Reem Island in Abu Dhabi. The contractual sale value is 400 million dirhams (approximately 33.4 million dinars), with total proceeds potentially reaching 470 million dirhams, subject to the agreed terms.
The statement noted that at the first closing, the buyer provided a certified check equivalent to approximately 16.7 million dinars for a 50% stake. An additional 120 million dirhams will be paid after four months for an extra 30% stake, via a post-dated check.
National Real Estate Company stated that it will retain a 20% stake in Carina Views, valued at 80 million dirhams, along with two board seats and a put option exercisable within 12 months of the second closing date. If the put option is not exercised, the company will retain priority rights in distributions of up to 150 million dirhams, followed by its entitlement to 20% of future profit distributions.
National Real Estate Company expects to record a profit of 8.2 million dinars from the transaction in the third quarter of 2026, with the potential for additional future profits depending on the exercise of the put option. Upon full completion of the transaction, the company expects to reduce its net debt to less than 100 million dinars.
Carina Views is part of the asset divestment program being implemented by National Real Estate Company to improve its investment portfolio, enhance financial flexibility, and focus on value-creation opportunities.
The company noted that the board of directors will continue to evaluate capital allocation options, including potential investment in housing projects in Kuwait and the possibility of dividend distributions. Any decision in this regard will be subject to the necessary approvals from the board of directors and the general assembly, as appropriate.
For his part, Faisal Al-Aissa, Vice Chairman of the Board and Chief Executive Officer, said: “The Carina Views transaction represents a significant milestone in executing National Real Estate Company’s strategy to enhance its investment portfolio. Through the asset divestment program, we are working to strengthen our financial flexibility and position the company for growth and value creation for shareholders. We will continue to evaluate capital allocation opportunities with discipline, including potential investment in housing projects in Kuwait and the possibility of dividend distributions, subject to obtaining the necessary approvals.”
