•   ENBD REIT confirms development milestones on track

  •   School will open to pupils in September 2018

  •   ENBD REIT’s Property Portfolio Value stands at USD 460 million (AED 1.7 billion) 

Dubai, United Arab Emirates: ENBD REIT (CEIC) Limited (“ENBD REIT”), the Nasdaq Dubai-listed Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management, has confirmed that its under-development education asset, South View School, is on track and nearing completion. The school, which was acquired in August 2017, is on track to be fully operational by the start of the September academic year and has announced the appointment of two key staff members, Joanne Wells who has been appointed as Principal, and Hayley Lamb who will take on the role of Head of Primary.The South View School deal marked ENBD REIT’s first acquisition of an education asset as part of its strategy for diversifying its property portfolio into alternative real estate.

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

“We are very pleased to see the progress that has been made on this project. We added South View School to our portfolio in response to growing demand for high quality and affordable schools in the UAE, and we are happy to be addressing this need. South View School’s opening will have a direct and positive impact on the Remraam community, where we also hold a residential asset. With progress as it stands, the South View School team are looking forward to welcoming their first pupils this September.”

South View School will be operated by Interstar Education, part of Interstar Advisory Services. The property will be the advisory’s fifth Dubai campus, and its second British curriculum school. South View School will have the capacity to educate nearly 1,800 children starting from the FS1 level through to the 12th grade. The total gross floor area of the school is 132,000 sq. ft. on a plot covering 183,504 sq. ft.

Amit Kothari, Executive Director of Interstar Education, commented:

“Guided by the philosophy that high quality education must be accessible to all, we have invested in expanding our offering to provide the best educational services. Following our established Victory Heights Primary School, we aim to continue offering a premium education at an affordable fee structure. This is a key development for Interstar Education, and we are thrilled to see the nearly-completed structure. We look forward to reporting further on the operations in due course.”

Joanne Wells, Principal of South View School Dubai, commented:

“It is great to see that companies like ENBD REIT and Interstar Education have come together on the South View School project to provide high quality and affordable education to so many children. I look forward to working with them on creating an exceptional educational experience for all our pupils.”    

Since its establishment in 2000, Interstar Education has provided schooling to 15,000 children across five campuses in the UAE and India. The Group runs two Delhi Private Schools in the UAE, and first entered the British curriculum with Wonder Years Nursery in Dubai Sports City. It has since established Victory Heights Primary School, which has enjoyed considerable success. ENBD REIT is a leading Shari’a compliant Real Estate Investment Trust, invested in properties across Dubai’s office, residential and alternative real estate asset classes. As at 31 December 2017, the Company’s Net Asset Value (NAV) was USD 300 million or USD 1.18 per share.

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ABOUT ENBD REIT
ENBD REIT (CEIC) Limited (“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”. 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. under-development primary school, scheduled to open in September 2018 and 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.

© Press Release 2018