ENBD REIT announces rent relief initiative

The relief initiative will provide the tenants with rent-free periods and postponement of cheques or rental payments, depending on their financial situation, according to a press release by the Shari'a compliant real estate investment fund on Wednesday.

The company announced that the positive rental income and sufficient cash can fulfil all foreseeable obligations because of the company's healthy financial position.

Commenting on the relief initiative, the head of real estate at Emirates NBD Asset Management, Anthony Taylor, said: "If ENBD REIT were to share the cost savings it has achieved with all tenants equally, it would be a reasonably small percentage reduction and immaterial to any tenant facing significant financial challenges."

Taylor noted: "For this reason, we assess the financial position of each tenant who is requesting relief before agreeing to a rental payment structure that meets their requirements.”