Dubai – Mubasher: Nasdaq Dubai-listed Emirates NBD REIT (ENBD REIT) on Thursday said it expects to pay the first dividend post listing on 30 June 2017. 

“The REIT aims to regularly distribute a semi-annual dividend with a target of achieving a return of 7% per annum or more,” the statement to Nasdaq Dubai indicated.

ENBD REIT, a Sharia-compliant real estate investment trust managed by Emirates NBD Asset Management Limited, released its first net asset value (NAV) post since listing on 23 March 2017.

The NAV has remained stable “due to strong rental income being off-set by the listing costs,” and currently stands at $297 million (AED 1.09 billion) and $1.17 per share, the company said.

Meanwhile, ENBD REIT’s property portfolio value now stands at $315 million (AED 1.16 billion), according to the statement.

“Occupancy rates in the portfolio currently stand at 85%, having shown an overall increase of 8% over the last two quarters. Specific progress has been made in Burj Daman, the REITs second largest asset by value, where occupancy has risen by 14% since January 2017 to 56%,” Tim Rose, head of real estate at Emirates NBD Asset Management, stated.

“All key indicators point towards a strong performance in 2017,” he added.

The ENBD REIT mainly invests in income-generating real estate, with the objective of providing investors with a regular income source through annual dividends of at least 80% of net audited annual income and potential capital appreciation.