Ethmar International Holding (EIH Group), an investment company based in the UAE, has completed the acquisition of Lamar Residences, a luxury mega project in Abu Dhabi's Al Raha Beach, in a deal worth 1 billion dirhams ($272.2 million). The project, located within the Seef district, spans 1.34 million square feet and comprises four residential buildings situated on a shared platform along the Gulf waters. It offers a total of four hundred thirty-five residential units, including thirty villas, as well as a range of amenities such as parks and kids' areas. The strategic location provides access to prominent city projects and attractions. The acquisition, carried out through EIH Group's real estate unit, I Properties, aligns with the company's global expansion strategy, diversifying its business portfolio and attracting Gulf investments. The move aims to strengthen EIH Group's position as a prime investment destination and capitalize on market opportunities.
In summary, EIH Group has acquired Lamar Residences in Abu Dhabi's Al Raha Beach. The $272.2 million deal includes four residential buildings and various amenities, showcasing EIH Group's commitment to expansion and catering to local and regional market demands. The acquisition bolsters the company's position as an attractive investment destination while leveraging its operational and market capabilities for future growth.