By: Amr Adel
Dubai – Decypha: ENBD REIT targets to increase the volume of its real estate assets from $400 million to $1 billion in the coming four years, CEO Tariq Bin Hendi told Decypha.
The company allocated $180 million to finance acquisitions of real estate assets in the UAE and improve existing properties, Bin Hendi added.
The trust's total investments reached $315 million to date, CEO said.
Trading on ENBD REIT’s shares began on Thursday, following its $105 million initial public offering (IPO) on Nasdaq Dubai, according to an earlier statement.
The listing of ENBD REIT’s shares attracted investors, of which 60% are UAE institutional ones and 40% from the GCC region.
The trust's current portfolio consists of seven properties, and has been receiving requests two weeks ago to manage more properties.
ENBD REIT will focus its investments on the UAE markets in case of available opportunities, he said, adding that there will be more than one acquisition in the second quarter of this year.
The trust has a 100% presence in Dubai, with plans to seek many opportunities in other emirates and enter Abu Dhabi’s market, according to Anthony Taylor, Emirates NBD Asset Management's real estate fund manager.
ENBD REIT got a $190 million loan from Emirates NBD to finance acquisitions, and around $120 million of the total loan were used, Taylor added.
Translated by: Julian Nabil
