ENBD Reit rolls out rent relief package for tenants across its portfolio – The National

ENBD Reit rolls out rent relief package for tenants across its portfolio – The National

ENBD Reit rolls out rent relief package for tenants across its portfolio. ENBD Reit, the Sharia-compliant real estate investment trust managed by Emirates NBD Asset Management, announced a rent relief initiative across its portfolio of properties for tenants severely affected by the coronavirus-inflicted economic slowdown.. Rent relief will be offered on case-by-case basis, depending on the financial situation of tenants.. "Our priority right now is identifying those in genuine need of financial assistance to weather the sustained impact of Covid-19 across businesses in Dubai," Anthony Taylor, head of real estate at Emirates NBD Asset Management, said.. If the Reit decides to "share the cost savings it has achieved with all tenants equally", rents will be go down by a small percentage, "immaterial to any one tenant facing significant financial challenges", Mr Taylor said.. "For the reason, we assess the financial position of each tenant who is requesting relief before agreeing to a rental payment structure that meets their requirements.". Dubai's real estate market has slowed in the wake of a drop in oil prices that began in 2014, as well as ongoing concerns about an oversupply of properties.. The coronavirus pandemic has added to the woes of the sector as