DUBAI - ENBD REIT, the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced its Net Asset Value (NAV) at 31 December 2022. ENBD REIT’s NAV amounted to US$173 million (US$ 0.69 per share), up from US$168 million at 31st December, 2021.

This reflects the continued positive momentum in the Dubai real estate market and the benefits from effective asset management initiatives, said a press release issued on Wednesday.

Overall, strong leasing activity resulted in occupancy rates reaching 85 percent, which together with an improved gross income, saw the property portfolio value increase by a further 0.5 percent or US$1.8 million during the quarter to US$365 million at 31st December, 2022.

Active asset management remained a priority and investments in the maintenance and modernisation resulted in Al Thuraya breaching 50 percent occupancy during the quarter and Burj Daman, the REIT's third-largest asset by value in DIFC, reaching 83 percent occupancy, marking the highest occupancy since the asset’s acquisition.

Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management, said, “We are pleased to see valuations continue to improve in line with the robust leasing activity and improving rental rates across the portfolio as well as Dubai's overall real estate market sentiment. The portfolio’s occupancy level of 85 percent achieved during the quarter is testament of the benefit from the investments in refurbishments made over the past 24 months with Al Thuraya in Dubai Media City and Burj Daman in DIFC showing particularly positive occupancy trends."