The net asset value (NAV) of ENBD REIT, the Shari’a-compliant real estate investment trust managed by Emirates NBD Asset Management, increased by 1.74 per cent in the second quarter and now stands at $292 million.

The property portfolio value now stands at $352million (Dh1.291 billion).

The REIT’s first interim dividend since listing on Nasdaq Dubai was announced on June 22 and paid to shareholders on July 12. The dividend totalled $9,713,207, or $0.0382 per share. ENBD REIT aims to regularly distribute a semi-annual dividend with a target of achieving a return of 7 per cent per annum or more, a statement said.

Anthony Taylor, fund manager, Real Estate, Emirates NBD Asset Management, said: “We are pleased to announce the first dividend as a listed entity in this, quarter which was largely on target in terms of investors’ expectations.

“Occupancy rates in the portfolio have improved to 86 per cent in the first quarter of our financial year, following the acquisition of the Uninest Dubailand student accommodation facility from GSA in May 2017. This was an important acquisition for diversifying our holdings into an ‘alternative’ asset class, and has added further value to our portfolio by improving the unexpired lease term by 34 per cent to 2.3 years. Further acquisition announcements are expected to follow shortly with management finalizing due diligence on a number of attractive investment opportunities.”

ENBD 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. – TradeArabia News Service