Dubai - Mubasher: ENBD REIT, a Sharia-compliant real estate investment trust managed by Emirates NBD Asset Management, has set the price for the intended offer of its ordinary shares at $1.11 per ordinary share.

This comes following strong demand from GCC-based investors, the company said in a press release.

“The offer was well oversubscribed, receiving a better than expected response from regional investors, leading to a pricing nearer to the midpoint, at approximately a 7.5% discount to net asset value (NAV),” the press release stated.

ENBD REIT intends to admit its shares to the official list of securities of the Dubai Financial Services Authority (DFSA) and to trading on Nasdaq Dubai on 23 March 2017, the statement added.

ENBD REIT will issue 94.59 million new shares to institutional investors at the offer price which represents approximately 37.2% of ENBD REIT’s issued share capital.

Based on the offer price, ENBD REIT’s total market capitalisation at the time of admission will be approximately $282.4 million.

ENBD REIT’s investment properties were independently valued at approximately $314 million as of 30 September 2016, with total assets at approximately $426.2 million. Adjusted net asset value was approximately $191.8 million as of 31 December 2016.

The REIT has consistently made dividend contributions since inception point, and paid a 5.8% dividend for the full year 2016.