UAE – Mubasher: ENBD REIT, a real estate investment trust managed by Emirates NBD Asset Management Limited, has recorded $164 million net asset value (NAV) as of 30 September 2021, down from $180 million at the year ended 31 March 2021.

The property portfolio value has decreased to $346 million in the six-month period ending 30 September 2021, compared to $360 million at the year ended 31 March 2021, according to a press release on Wednesday.

Overall occupancy across the company's portfolio stood at 76% compared to 31 March 2021.

Meanwhile, the company's board approved an interim dividend of $4.5 million or $0.0180 per share from the net rental income registered during the first half of the year, up 2% from the previous dividend paid for the six-month period ending 31 March 2021.

The Head of Real Estate at Emirates NBD Asset Management, Anthony Taylor, said: "We are investing in our office portfolio and successfully completed two refurbishments below budget during the period whilst we are also on track to finalise the cost-efficient upgrades at Al Thuraya Tower 1 which will support improved lettings."

Meanwhile, Taylor added: "Effective cost management remains a focus and the refinancing of our debt facilities will be an important step in lowering our finance costs and strengthening our financial position."