Emirates Real Estate Fund has agreed a $190.6 million (AED 700 million) Shari'a compliant finance facility with Emirates NBD, on attractive commercial terms. The new facility will help contribute to restructuring the balance sheet and creating a more efficient capital structure with the aim of ultimately enhancing returns to investors. EREF's fund manager, Emirates NBD Asset Management, has earmarked a portion of the partially undrawn facility for future acquisitions. Over the last 24 months the fund has invested over $163 million in real estate acquisitions including Binghatti Terraces in Dubai Silicon Oasis, Arabian Oryx House in Al Barsha Heights, part of Burj Daman Office Tower in the DIFC and a residential building in Remraam, Dubailand. The partially undrawn facility is a five-year, profit-only Mudarabah facility with a 10% repayment of principal in its fourth year. Post utilization and full draw down of the facility the loan-to-value ratio of the fund is expected to be below 50%.