• Effective Covid-19 response enabled continuous dividend distribution
  • Active asset and capital management positions portfolio well to benefit from improved sector sentiment

Dubai, United Arab Emirates: ENBD REIT (CEIC) PLC (“ENBD REIT”), the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited (the “Fund Manager”), today celebrates the fifth anniversary of its IPO on Nasdaq Dubai marking yet another key milestone in its history as the local property market begins to show signs of revival. Senior members of the Nasdaq Dubai and ENBD REIT marked the occasion by ringing Nasdaq Dubai’s market opening bell.

Since listing on 23 March 2017 as one of the first REITs in the region, ENBD REIT achieved several milestones which contributed to its ability to successfully navigate challenging market conditions in the past five years. The portfolio added four new assets, including a development asset, taking the total to 11 assets across the office, residential, and alternative sectors whilst the REIT successfully maintained dividend distributions to shareholders, most notably during recent periods of local market uncertainty and a global pandemic.

Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management, said:

“Despite challenging market conditions post-listing, we have delivered on our investment strategy by expanding our portfolio with valuable new assets, adopting a proactive asset management approach, maintaining stable occupancy rates, refinancing our debt facilities, and increasing our focus on cost management. We are grateful to have survived the global pandemic and are pleased to have maintained consistent dividend distributions for our investors throughout this difficult period.

“After an extended period of soft market conditions driven by COVID-19, we are seeing signs of recovery and are well positioned to benefit from the improved real estate environment. Our listing on Nasdaq Dubai has been effective in enhancing our visibility among the international and regional investor community, and strongly supports our robust corporate governance framework,” Anthony Taylor added.

Hamed Ali, Chief Executive Officer (CEO) of Nasdaq Dubai and Dubai Financial Market, said:

“We congratulate ENBD REIT’s for the fifth anniversary since IPO. The listing of ENBD REIT on Nasdaq Dubai is consistent with our strategy to broaden the real estate sector’s access for a range of global and regional investors in order to participate in the growth opportunities of this key economic sector in Dubai. Nasdaq Dubai looks forward to building on its leading role in enabling REITs and wider real estate sector listing and trading to support further market activity by issuers and investors.”

As an active asset manager, the REIT has recently undertaken extensive refurbishments to its real estate portfolio, including upgrades to Al Thuraya Tower 1 in Dubai Media city, to attract and retain key tenants in a dynamic market. This approach, combined with the successful implementation of Covid-19 relief program to assist tenants during the pandemic resulted in healthy occupancy rates and improved unexpired lease terms throughout the portfolio. Other significant achievements include a share buyback scheme and the refinancing of its debt on favourable terms with a number of local and international banks.

-Ends-

For more information:
ENBD REIT (Investor Relations)
Mona Zahooruddin                                                                  ENBDREITIR@EmiratesNBD.com
Company Secretary
Jean Kenny Labutte                                                                 JeanK@apexfunddubai.ae
Apex Fund Services (Dubai) Ltd
Instinctif Partners (Public Relations)
Lisa Webber                                                                               Lisa.Webber@instinctif.com

ABOUT ENBD REIT

ENBD REIT (CEIC) PLC (“ENBD REIT”) is a Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited (the “Fund Manager”), listed on Nasdaq Dubai under ticker ENBDREIT. ENBD REIT is a closed-ended investment company that was incorporated by the Fund Manager to invest in a diversified Portfolio of Shari’a-compliant real estate assets in the UAE. ENBD REIT has an unlimited duration and was established in the DIFC by the Fund Manager on 18 July 2016 under the Companies Law with the name “Emirates Real Estate Fund Limited” and with registration number 2209. The Fund subsequently changed its name to “ENBD REIT (CEIC) Limited” and later ENBD REIT (CEIC) PLC in line with the new DIFC Companies Law. ENBD REIT is categorised under DFSA law and regulations as a Public Fund, a Domestic Fund, an Islamic Fund, a Property Fund and a Real Estate Investment Trust (REIT). ENBD REIT has been established with the main investment objective of generating income returns and capital appreciation from real estate assets. ENBD REIT plans to achieve its objectives through the following strategies: (i) prudent acquisitions with a focus on achieving diversification; and (ii) active asset management and enhancement. For more information, visit: www.enbdreit.com  

PORTFOLIO

Office:

Al Thuraya 1 (Dubai Media City)
A G+29-story high rise commercial tower, located at a prime location in Dubai Media City with views over Barsha Heights and Palm Jumeriah.

Burj Daman (DIFC)
Two and a half floors (the fund fully owns the 10th and 14th floors and half of the 15th floor) in the commercial portion of the tower in the DIFC.

DHCC 49 (Dubai Healthcare City)
G+5-story commercial complex located in the Dubai Healthcare City free zone.

DHCC 25 (Dubai Healthcare City)
G+6-story commercial tower located in the Dubai Healthcare City free zone

The Edge Building (Dubai Internet City)
A G+6-story fully leased, prime grade A office building recently constructed and located in the Dubai Internet City free zone. Oracle is the largest tenant occupying 85% of the office space.

Residential:

Arabian Oryx House (Barsha Heights)
A residential tower with 128 units in the free zone Barsha Heights, Dubai. Mainly comprises units of one, two and four-bed apartments.

Binghatti Terraces (Dubai Silicon Oasis)
A residential tower with 201 residential and 5 retail units in Dubai Silicon Oasis, constructed by developers with an established track record.

Remraam Residential (Dubailand)
Two residential towers offering 105 units in mainly 1 & 2-bedroom apartments

Alternative:

Uninest Dubailand (Dubailand)
A 424-bed student accommodation property located close to Dubai Academic City, serving students attending university across the city. 100% leased to global student accommodation provider, GSA.

South View School (Remraam)
A 132,000 sq. ft. British curriculum primary and secondary school operated by Interstar Education.

Souq Extra Retail Centre Phase 1 (Dubai Silicon Oasis)
Community centre in Dubai Silicon Oasis with over 36,000 ft² of gross leasable area, comprising 25 retail units fully let to blue-chip tenants.

HIGHLIGHTS*

Property portfolio value

USD 357 million

NAV

USD 168 million* (USD 0.67 per share)

LTV (on GAV)

54%

Occupancy

77%

WAULT (years)

4.30

No. of properties

11

Sectors

Office                    69%

 

Residential           14%

 

Alternative           17%

*All figures are as at 31st December 2021

.