ENBD REIT announces stable interim dividend of $4.5mln

ENBD REIT announces stable interim dividend of $4.5mln

ENBD REIT, the Sharia-compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced its net asset value (NAV) as at September 30, 2022, reflecting a continued improvement to $172 million ($0.69 per share), up from $166 million the previous quarter and $164 million as of September 30, 2021.

The property portfolio value increased by $4.7 million from the previous quarter to $362 million, driven by a portfolio-wide improvement in occupancy rates reaching 84 per cent , from 75 per cent this time last year, thanks to a sustained momentum in leasing activity as the real estate market experiences strong growth.

As a result of a pickup in office rentals, Al Thuraya Tower 1, ENBD REIT’s flagship asset in Dubai Media City, recently achieved 50 per cent occupancy, following the completion of a major refurbishment in March 2022. In addition, Burj Daman, the REIT’s third-largest asset by value in DIFC, also achieved 80 per cent occupancy, marking another milestone as the highest occupancy this asset has achieved since its acquisition in 2015.

Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management, said: “We are pleased to announce a robust performance across the portfolio for the first half of