ENBD REIT announces H1 NAV, reports rise in occupancy rates, gross rental income

ENBD REIT announces H1 NAV, reports rise in occupancy rates, gross rental income

ENBD REIT, the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management, has announced its net asset value (NAV) as of September 30. The figure reflects a continued improvement to $172m ($0.69 per share), up from $166m the previous quarter and $164m as September 30, 2021. The property portfolio value increased by $4.7m from the previous quarter to $362m, driven by a portfolio-wide improvement in occupancy rates reaching 84 per cent from 75 per cent this time last year, due 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. In addition, Burj Daman, the REIT’s third largest asset by value in DIFC, also achieved 80 per ent 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 the year, building