Dubai - Mubasher: ENBD REIT’s (CEIC) net asset value (NAV) recorded AED 1.1 billion ($289 million) in the first quarter of the fiscal year 2018/2019.
The fund’s total property portfolio value amounted to AED 1.7 billion including 11 properties, according to a company statement released on Tuesday.
“Gross yield on the portfolio is up slightly to 8.4%, compared with 8.3% in the previous quarter, with the net yield from rental income at 4.5% on an annualised basis,” head of real estate at Emirates NBD Asset Management Anthony Taylor commented.
The sharia-compliant fund’s gross asset value (GAV) registered at $457 million in the three-month period ended 30 June, while the trust’s loan-to-value (LTV) ratio amounted to 37%, ENBD REIT added.
“Looking ahead, we are exploring new financing options that will facilitate further expansion of our portfolio into alternative asset classes – mitigating risks prevailing in local residential and office markets,” Taylor said.
