ENBD REIT announces H1 NAV to 30 September 2022

ENBD REIT announces H1 NAV to 30 September 2022

- Portfolio occupancy improves to 84% based on strong leasing activity

- Al Thuraya Tower 1 occupancy increases by 15%, reaching 50% following major refurbishment

- Property portfolio value increases to USD 362 million

- Net Asset Value continues to improve to USD 172 million or USD 0.69 per share

Dubai, United Arab Emirates: ENBD REIT (CEIC) PLC (“ENBD REIT”), the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced its Net Asset Value (“NAV”) as at 30 September 2022, reflecting a continued improvement to USD 172 million (USD 0.69 per share), up from USD 166 million the previous quarter and USD 164 million as of 30 September 2021.

The property portfolio value increased by USD 4.7 million from the previous quarter to USD 362 million, driven by a portfolio-wide improvement in occupancy rates reaching 84%, from 75% 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% occupancy, following the completion of a major refurbishment in March 2022. In addition, Burj Daman, the REIT’s third