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Equitativa (Dubai) Limited (“Equitativa”), the largest REIT manager in the GCC and manager of Emirates REIT (CEIC) PLC (“Emirates REIT” or the “REIT”), today said that it is looking at investing up to AED 200 million in new real estate acquisitions in several sectors for Emirates REIT by early next year.
The announcement comes at a time when the company announced its H1 2019 Financials, which revealed that Emirates REIT witnessed an increase of 9.1% in its Net Property Income for the first half of this year, compared to the same period last year, and an increase of 13.5% in EBITDA for the same period, despite challenging market conditions. Emirates REIT is the world’s largest Shari'a compliant Real Estate Investment Trust and is listed on Nasdaq Dubai.
Emirates REIT also recorded a profit of over AED 4 million for the period, despite market revaluation of real assets, breaking the trend in the sector.
The first half of this year saw an overall improvement in the portfolio efficiency of Emirates REIT, including a decrease of 5% in fund expenses, improvement in receivables, and a stable occupancy rate of 75%. This positive performance comes at a time when a research by Knight Frank, titled “UAE Market Review and Forecast 2019”, expected that in the short and medium terms “market conditions in the UAE’s office sector will remain challenging with rental rates continuing to fall.”
Sylvain Vieujot, CEO of Equitativa Dubai, commented: “Our portfolio enjoys a stable occupancy due to our active management and the quality of the assets. We are now in an active acquisition mode and are considering a number of transactions that will boost Funds from Operations (FFO), which remained stable for the period. We believe that this is an opportune time for acquisition of quality assets. Emirates REIT fund is well positioned to benefit from the attractive pricing of Grade A assets.”
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For enquiries please contact:
MEDIA
Equitativa
Magali Mouquet
+971 4 405 7348
ir@equitativa.com
MEDIA
Borouj Consulting
Randa Mazzawi / Nicola Ellegaard
+971 4 340 3005 / +971 50 4506120
media@reit.ae
ABOUT EMIRATES REIT
Emirates REIT, (Nasdaq Dubai: REIT; ISIN: AEDFXA1XE5D7), the world’s largest Shari'a compliant Real Estate Investment Trust, is a Dubai-based real estate investment trust investing principally in income-producing real estate in line with Shari'a principles. It currently owns a well-balanced portfolio of 11 assets in the commercial, education and retail sector. Emirates REIT benefits from exclusive Ruler's Decree’s permitting it to purchase properties in onshore Dubai and Ras Al Khaimah, and distributes regular bi-annual dividends to its shareholders since 7 years.
ABOUT EQUITATIVA GROUP
The Equitativa Group is a leading regional asset manager focused on creating and managing real estate investment trusts (REITs). The group offers innovative risk-adjusted, income generating financial products that cater to institutional and retail investors. As the founder of the UAE’s first Shari’a compliant REIT, Emirates REIT, Equitativa is today the largest REIT manager in the Gulf Cooperation Council (GCC) countries and the biggest REIT Manager for Shari’a Compliant REITs in the world. Equitativa has about USD 2 billion of assets under management in the UAE including the two leading REITs: Emirates REIT and The Residential REIT, the latter incorporated in Abu Dhabi Global Market. Equitativa is further diversifying its REITs by launching a hospitality REIT, a logistics REIT and several other REITs in emerging market.
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