ENBD REIT announces Q3 NAV to 31 December 2022

  • Date: 01-Feb-2023
  • Source: Zawya
  • Sector:Real Estate
  • Country:UAE
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ENBD REIT announces Q3 NAV to 31 December 2022

- Property portfolio value up to USD 365 million

- Net Asset Value improves to USD 173 million

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”) at 31 December 2022. ENBD REIT’s NAV amounted to USD 173 million (USD 0.69 per share), up from USD 168 million at 31 December 2021, reflecting the continued positive momentum in the Dubai real estate market and the benefits from effective asset management initiatives despite the rising interest rate environment.

Overall, strong leasing activity resulted in occupancy rates reaching 85%, which together with an improved gross income, saw the property portfolio value increase by a further 0.5% or USD 1.8 million during the quarter to USD 365 million at 31 December 2022. Active asset management remained a priority and investments in the maintenance and modernization resulted in Al Thuraya breaching 50% occupancy during the quarter and Burj Daman, the REIT's third-largest asset by value in DIFC, reaching 83% occupancy, marking the highest occupancy since the asset’s acquisition.

Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management, said:

“We are pleased to see valuations continue