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ENBD REIT records $292m net asset value

The Shari'a-compliant real estate investment trust has a property portfolio value of $352m, it was revealed

ENBD REIT acquired the Uninest Dubailand student accommodation in May 2017.
ENBD REIT acquired the Uninest Dubailand student accommodation in May 2017.

ENBD REIT, a Shari’a-compliant real estate investment trust (REIT), announced its net asset value (NAV) as of 30 June, 2017, amounts to $292m (AED1.1bn). 

This is ENBD REIT's second NAV since its listing on Nasdaq Dubai, and has increased by 1.74% in the quarter. 

The REIT, managed by Emirates NBD Asset Management Limited, now has a property portfolio value of $352m (AED1.22bn).

ENBD REIT's first interim dividend since listing was worth $9.7m (AED35.6m).

READ: ENBD REIT announces first dividend payment

Remarking on the latest development, Anthony Taylor, fund manager for real estate at Emirates NBD Asset Management, said: "We are pleased to announce the first dividend as a listed entity in this quarter, which was largely on target in terms of investors’ expectations.

"Occupancy rates in the portfolio have improved to 86% in the first quarter of our financial year, following the acquisition of the Uninest Dubailand student accommodation facility from GSA in May 2017.

"This was an important acquisition for diversifying our holdings into an alternative asset class, and has added further value to our portfolio by improving the unexpired lease term by 34% to 2.3 years.

"Further acquisition announcements are expected to follow shortly with management finalizing due diligence on a number of attractive investment opportunities." 

READ: Survey finds 43% believe GCC lacks maturity for REITs


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Construction Week - Issue 745
Jun 30, 2019