26 May 2015
Dubai - Emirates REIT (CEIC) Limited ("Emirates REIT" or the "REIT"), the first Shari'a-compliant regulated Real Estate Investment Trust incorporated in the Dubai International Financial Centre ("DIFC") and listed on NASDAQ Dubai, today announces its proposal to pay a final dividend in relation to the year ended 31 December 2014 of USD 11.98 million or USD 0.04 per ordinary share to those shareholders on the register on the 16th June 2015.
The proposed final dividend will be subject to shareholder approval at the REIT's Annual General Meeting on Sunday, 21st June 2015. Upon receiving the approval, the total dividend distribution for the year 2014 will be USD 23.96 million or USD 0.08 per ordinary share, which represents an increase of 60 percent or USD 0.03 per ordinary share over 2013.Emirates REITwill aim to continueto distribute a dividend to its shareholders twice a year; an interim dividend at the end of Januaryand a final dividend in June.
Emirates REIT also announces that its Net Asset Value ("NAV") as at 30 April 2015 has increased to USD 1.4350 per share. As a result, the net assets of the REIT reached to USD 430 million.
Sylvain Vieujot, Executive Deputy Chairman of the REIT Manager, said:
"The REIT has continued to deliver strong results and this is reflected in the growth of the total dividend for the year.Our main goal is to grow our business further with a focus on maximising shareholder value. We remain committed to distributing dividends twice a year."
About Emirates REIT
Emirates REIT is a Dubai-based real estate investment trust established to principally invest in income-producing real estate in line with Shari'a principles. Regular cash dividends, representing in excess of 80% of annual net income, have been delivered to shareholders in each year since inception. The manager of the REIT is Eiffel Management Limited.
Emirates REIT was established in the DIFC in November 2010 by Emirates REIT Management (Private) Limited. Under the CIR, Emirates REIT is categorised as a domestic fund, an Islamic fund, a property fund and a real estate investment trust. Emirates REIT is the first Shari'a compliant real estate investment trust incorporated in the DIFC.
The Property Portfolio:
• Building 24 is a low-rise building featuring commercial office and retail space located in Dubai Internet City - a well-established commercial district in Dubai.
• Indigo 7 is a low-rise building located on Sheikh Zayed Road. The REIT acquired a contractual interest in Indigo 7 (similar to tenancy rights) in September 2011.
• Loft Offices (Loft 1, Loft 2 and Loft 3) are a cluster of three low-rise commercial buildings located in Dubai Media City.
• Office Park is a commercial building located in Knowledge Village within Dubai Internet City.
• Index Tower is a mixed-use property located in the DIFC. The REIT's assets in Index Tower consists of the entire retail area located over ground, podium and sky lobby levels, 395,545 sq ft of office space and 1,404 car parking spaces.
• GWAD (GEMS World Academy Dubai) is an education facility located in Al Barsha South.
• Le Grande (Trident Grand Residence Tower Community Mall) in Dubai Marina, consisting of 22 individual retail and F&B outlets.
For enquiries please contact:
+971 4 405 7348
email@example.com Rupert Young / Sherif Shafie
+971 4 446 6270
© Press Release 2015