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ENBD REIT’s NAV hits AED 1.1bn in 12M

ENBD REIT’s NAV hits AED 1.1bn in 12M
The trust’s total loans registered AED 617 million last year
ENBD REIT
ENBDREIT
1.74% 0.35 0.01

Dubai - Mubasher: ENBD REIT (CEIC), the Sharia-compliant real estate investment trust managed by Emirates NBD Asset Management, has reported a net asset value (NAV) of AED 1.1 billion ($300 million) in the fiscal year ended 31 March 2018.

The value of ENBD REIT’s property portfolio recorded AED 1.7 billion ($463 million) in FY17/18, according to a company statement released on Sunday.

The trust’s total loans registered AED 617 million last year, while occupancy grew 2.6% in the same period due to the increased occupancy at Burj Daman.

“These results are an important milestone for ENBD REIT, having recently passed 12 months since listing on Nasdaq Dubai,” head of real estate at Emirates NBD Asset Management Anthony Taylor commented.

ENBD REIT’s board of directors proposed the distribution of AED 12 million in cash dividends for the last fiscal year, which will be subject to the approval of the trust’s shareholders and will be paid afterwards on 13 June.

“We have acquired 4 new income generating assets, delivering 46% portfolio growth and achieving a loan-to-value ratio of 36%. Additionally, with 11% occupancy growth, we have doubled our Weighted Average unexpired lease term to 3.5 years,” Taylor said.