Dubai
ENBD REIT, a trust managed by Emirates NBD Asset Management, said its first NAV since listing, which has remained stable due to strong rental income being off-set by the listing costs.
The NAV now stands at Dh1.09 billion and $1.17 (Dh4.29) per share. The Property Portfolio Value now stands at $1.16 billion.
“Occupancy rates in the portfolio currently stand at 85 per cent, having shown an overall increase of 8 per cent over the last two quarters. Specific progress has been made in Burj Daman, the REITs second largest asset by value, where occupancy has risen by 14 per cent since January 2017 to 56 per cent. All key indicators point towards a strong performance in 2017,” Tim Rose, Head of Real Estate, Emirates NBD Asset Management, said in a statement.
The REIT invests in predominantly income generating real estate, with the objective of providing investors with a regular source of income, by way of annual dividends of at least 80 per cent of net audited annual income, and potential capital appreciation.
The first dividend post listing is expected to be paid as at June 30. The REIT aims to regularly distribute a semi-annual dividend with a target of achieving a return of 7 per cent per annum or more.
