UAE - Mubasher: ENBD REIT has recorded a net asset value (NAT) of $184 million as at 31 December 2020, down from $246 million in December 2019.

Lower net asset value is mainly attributed to market valuation pressure, according to a press release on Thursday.

The value of the property portfolio decreased to $366 million as at 31 December 2020, compared to $377 million in September 2020 and $429 million in December 2019.

The pressure on the property portfolio has been driven by several factors, including capital works for refurbishments at Al Thuraya Tower 1 in Dubai Media City and ongoing discussions around non-payment of rent at the Uninest student accommodation building in Dubailand.

ENBD REIT is the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited.

The Head of Real Estate at Emirates NBD Asset Management, Anthony Taylor, said: "As we continue to face pressure on valuations, we are taking an active approach to both leasing and asset management, in order to uphold healthy occupancy levels and make our properties as attractive as possible to current and prospective tenants."

Taylor said: "We were pleased to maintain our commitment to shareholders by paying an interim dividend of USD 4.85 million on 6th January, for the 6-month period ended 30 September 2020."