Dubai – Mubasher: Emirates ENBD REIT (CEIC) Limited (Nasdaq Dubai: "ENBDREIT"), the Shari'a-compliant real estate investment trust managed by Emirates NBD Asset Management, on Monday announced that it deployed the $105 million it raised at listing in Nasdaq Dubai in March 2017.
The company’s latest acquisition of “The Edge” building in Dubai Internet City also utilised its existing Islamic finance facility, meaning that the property portfolio is running at an efficient Loan-to-Value (LTV) ratio of 32%, the company said in a press release.
“Following the deployment of the listing proceeds, ENBD REIT now holds a total of 10 assets across Dubai. The portfolio has an overall occupancy of 89%, with a weighted average unexpired lease term (WAULT) of 3.5 years”, real estate fund manager Anthony Taylor said.
“Offices account for 67% of the portfolio, residential buildings account for 22% and alternative assets (including student accommodation and education) make up the remaining 11%. ENBD REIT's last reported net asset valuation (NAV) was USD 292 million, or USD 1.15 per share, as at 30th June 2017.” Taylor added.
ENBD REIT’s most recent acquisition of The Edge in Dubai Internet City saw a transaction value of USD 76 million push the total portfolio value up to USD 447 million, the company said.
