UAE - Mubasher: ENBD REIT has renewed lease agreements for tenants in its largest real estate assets, including Oracle, according to a press release on Wednesday.

With a total value of AED 865 million as of 30 June 2020, Al Thuraya Tower 1, Burj Daman, Dubai Healthcare City 49, and The Edge have constituted a significant portion of REIT's portfolio.

These four assets have had recent leases on five-year terms or more equivalent to 23% of total available office space renewed in these buildings.

The new lease agreements have improved the Weighted Average Unexpired Lease Term of the company by 22% to 3.9 years from 3.2 years.

Oracle, the company's largest tenant, has extended their lease at The Edge building, the second largest asset in the REIT’s portfolio by value, for an additional five years.

The building is located in Dubai Internet City, one of the UAE’s most vibrant business hubs.

The Head of Real Estate at Emirates NBD Asset Management, Anthony Taylor, said: "Securing and sustaining longer-term lease agreements is a core component of our strategy. This is particularly important for tackling the challenges created by Covid-19, a weakened oil price environment, and a soft real estate market."