Dubai:
ENBD REIT said on Monday it has successfully completed deployment of the $105 million (Dh386 million) it raised at listing in March 2017 on Nasdaq Dubai.
ENBD REIT’s latest acquisition of The Edge building in Dubai Internet City also utilised its existing Islamic finance facility, meaning that the property portfolio is running at an efficient Loan-to-Value (LTV) ratio of 32 per cent, ENBD REIT said in a statement.
“Investors in REITs are looking to see efficient utilisation of funds in a portfolio of assets that will consistently generate income. Ours is such a product, and we are looking forward to growing both its footprint and value in the coming months and years,” Anthony Taylor, fund manager, real estate, at Emirates NBD Asset Management, said in a statement.
Following the deployment of the listing proceeds, ENBD REIT now holds a total of 10 assets across Dubai. ENBD REIT’s last reported net asset valuation (NAV) was $292 million, or $1.15 per share, as at June 30.
“Additionally, we have tapped into our Islamic finance facility and have now achieved a more efficient capital structure, which was one of the main objectives of our listing. We continue to explore potential acquisitions funded through our existing finance facility, to further diversify the portfolio and improve our yield,” Taylor said.
