ENBD REITs Q2 net asset value up 1.74% to $292mln

Tuesday, Aug 01, 2017

Dubai: ENBD REIT (CEIC), the Sharia-compliant real estate investment trust managed by Emirates NBD Asset Management, announced that its net asset value (NAV) for the second quarter ended June 30 2017 had grown 1.74 per cent to $292 million. The property portfolio value now stands at $352 million, an increase of 11.5%.

The reit’s first interim dividend since listing on Nasdaq Dubai was announced on the 22nd June and paid to shareholders on 12th July 2017. The dividend totalled $9.71 million (Dh35.66 million), or $0.0382 per share.

ENBD REIT aims to regularly distribute a semi-annual dividend with a target of achieving a return of 7 per cent per annum or more.

“Occupancy rates in the portfolio have improved to 86 per cent in the first quarter of our financial year, following the acquisition of the Uninest Dubailand student accommodation facility from GSA in May 2017,” Anthony Taylor, fund manager for real estate at Emirates NBD Asset Management, said in a statement.

ENBD REIT invests in predominantly income-generating real estate, with the objective of providing investors with a regular source of income, by way of annual dividends of at least 80 per cent of net audited annual income, and potential capital appreciation.

Staff Report