Dubai: Emirates REIT, the first Sharia-compliant regulated Real Estate Investment Trust, said it proposes to pay an interim dividend of $0.04 per share or $11.98 million (Dh44 million) to those shareholders on the register at 2pm on the January 21, 2015.
“We continue to follow a disciplined, methodical acquisition strategy by targeting prime assets in strategic locations across Dubai, and as a result, we have achieved continuous growth in our portfolio’s net assets value,” said Sylvain Vieujot, Executive Deputy Chairman of the REIT Manager.
This is the first dividend payment relating to the year 2014, as Emirates REIT intends to distribute a dividend to its shareholders twice a year: this interim dividend in January 2015 and a final dividend in June 2015. The proposed interim dividend will be subject to shareholder approval at the REIT’s upcoming General Meeting on January 26.
“We remain committed to delivering sustainable value to our shareholders and to distributing dividends twice a year,” said Vieujot.
The firm has a total of 11 properties with 11 million square feet of leasable area and a portfolio value of more than Dh2.1 billion.
