ENBD REIT completes deployment of $105m raised on Nasdaq Dubai

Published: 16 October 2017 - 5:27 a.m.
By: Fatima De La Cerna

ENBD REIT has completed the deployment of the $105m (AED385.7m) it raised by listing on Nasdaq Dubai in March 2017.

According to the Shari’a-complaint real estate investment trust managed by Emirates NBD Asset management, it has focussed on a diverse range of asset types with its recent acquisitions.

Earlier this month, the trust revealed that it has purchased Dubai’s The Edge from Sweid & Sweid for $76.2m (AED280m), bringing up its total portfolio value to $447m (AED1.6bn)

In a statement, ENBD REIT noted that to acquire The Edge, it also utilised its existing Islamic finance facility, “meaning that the property portfolio is running at an efficient Loan-to-Value (LTV) ratio of 32%”.

Other acquisitions of the trust include Uninest Dubailand, a student accommodation building, which it bought from GSA for $33m (AED 121.2m); and South View School for $15m (AED 55.1m).

Anthony Taylor, fund manager of real estate at Emirates NBD Asset Management, commented: “We’re pleased to announce the complete deployment of the cash raised as part of the listing in March.

“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.”

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