ENBD REIT net asset value hits $300bn

Total property portfolio valued at $460mn following strategic acquisitions

ENBD REIT’s Net Asset Value (NAV) ended 2017 at AED 1.1bn ($300mn), or $1.18 per share, up by 1.71% over the previous quarter.

The total property portfolio value stands at AED 1.7bn ($460mn), with diverse holdings covering 11 properties across the office, residential and alternative real estate sectors.

Anthony Taylor, head of Real Estate at Emirates NBD Asset Management, said: “We are pleased to announce a further improvement to our NAV, following the acquisition of the Souq Extra retail centre in Dubai Silicon Oasis, which we completed shortly before the end of 2017.

“The year was a very busy one, with our listing on Nasdaq Dubai in March followed by a string of four acquisitions that saw ENBD REIT grow and diversify its portfolio."

Portfolio occupancy growth in Q4 2017 saw an increase of 8%, with total portfolio occupancy reaching 87%.

Top performing assets included Binghatti Terraces, where occupancy now stands at 95% (up from 70% in the previous quarter) and Remraam, where occupancy continued to climb to 60% (up from 38% in the previous quarter).

The alternative portion of the portfolio is currently 100% occupied in line with ENBD REIT’s acquisition strategy to acquire fully occupied income producing assets. Occupancies within the office and residential portfolios currently stand at 84% and 85% respectively.