UAE – Mubasher: The net asset value (NAV) of ENBD REIT (CEIC) Plc, the Shari'a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, decreased to $215 million during the first quarter (Q1) ended on 30 June 2020 from $230 million in the same period of the previous year.

Lower net asset value is driven by fluctuations in the real estate market and macroeconomic uncertainty amid the coronavirus (COVID-19) outbreak, according to a press release on Thursday.

The REIT's blended portfolio occupancy stood at 76% as of 30 June 2020, down from 82% in the previous quarter.

Despite the market's uncertain conditions, the REIT has maintained stable cash flows in Q1.

The head of Real Estate at Emirates NBD Asset Management, Anthony Taylor, said: "Rental income from our portfolio is down on a year-on-year basis, mainly due to the relief measures that we have introduced for struggling tenants, along with lower occupancy in certain office and residential buildings."

It is noteworthy to mention that the REIT has hedged AED 400 million facility with Mashreq Bank to cover 56% of its total outstanding debt.