Equitativa Dubai eyes $54m real estate for Emirates Reit by 2020
Equitavia Dubai announces expansion plans as Emirates Reit records profit of $1-million in H1 2019
Equitavia Dubai is eyeing a $54m (AED 200m) investment in real estate acquisitions across various property sectors for its real estate investment trust (Reit), Emirates Reit, by early-2020.
The announcement comes as part of Emirates Reit’s H1 2019 results, which included the company's 9.1% net property income hike during the period, compared to corresponding figures for 2018.
The results also showed a rise of 13.5% in earnings before interest, tax, depreciation, and amortisation (Ebitda) in H1 despite "challenging market conditions", the firm said in a statement.
Emirates Reit recorded a profit of more than $1m (AED 4m) in H1 2019.
Equitativa Dubai's chief executive officer, Sylvain Vieujot, said the first half of 2019 saw an “overall improvement” in the portfolio efficiency of Emirates Reit, including a decrease of 5% in fund expenses, improved receivables, and an occupancy rate of 75%.
Vieujot added: “Our portfolio enjoys a stable occupancy due to our active management and the quality of the assets.
“We are now in an active acquisition mode and are considering a number of transactions that will boost funds from operations (FFO), which remained stable for the period.”