UAE – Mubasher: The net asset value (NAV) of ENBD REIT, managed by Emirates NBD Asset Management Limited, declined to $198 million as at 30 September 2020 from $230 million in the six-month period ended on 31 March 2020.
The Shari’a compliant real estate investment trust recorded lower NAV due to valuation pressure, according to a press release on Thursday.
The value of the company's property portfolio decreased to $377 million in the first half (H1) ended on 30 September 2020 from $410 million at 31 March 2020 due to the coronavirus (COVID-19) pandemic which affected the real estate market.
The occupancy in the portfolio remains stable at 76% for 30 September 2020, compared to 82% for 31 March 2020.
Meanwhile, the board has agreed on an interim dividend of $4.85 million or $0.0194 per share from the net rental income generated during H1.
The Head of Real Estate at Emirates NBD Asset Management, Anthony Taylor, said: "Management continues to engage with tenants across the portfolio to alleviate the impact of the pandemic, with the objective of safeguarding both WAULT and occupancy."