Dubai – Mubasher: ENBD REIT’s (CEIC) net asset value (NAV) recorded $284 million, or $1.11 per share, in the third quarter of 2018.
The property portfolio value of the Sharia-compliant real estate investment trust managed by Emirates NBD Asset Management Limited reached $456 million in Q3-18, compared to $459 in the previous quarter, according to a company statement released on Tuesday.
The portfolio comprises diverse holdings totalling 11 properties across office, residential and alternative asset classes.
“Gross yield on the portfolio held steady at 8.3%, following a successful leasing programme across office and residential assets. Occupancy across the portfolio currently stands at 88%, with a robust Weighted Average Unexpired Lease Term (WUALT) of 3.61 years,” the statement said.
The fund plans to maintain growth and diversification of its portfolio by acquiring income generating assets in Dubai, Abu Dhabi and the Northern Emirates, subject to tenant demand, the statement added.
The REIT’s gross asset value (GAV) stood at $461 million for the three-month period ended last December, compared to $462 million for the prior-year period with its Loan-to-Value (LTV) ratio remaining at 38%, and the gross rental yield on NAV of 13.2%.
“With a competitive financing package recently secured, we are in a good position to deploy funds for acquisitions that meet our investment criteria,” head of real estate at Emirates NBD Asset Management Anthony Taylor commented.
