ENBD REIT, the shari’a-compliant real estate investment trust managed by Emirates NBD Asset Management, said its quarterly net asset value (NAV) now stands at $300 million or $1.18 per share, which represents a 1.71 per cent increase over the quarter.

The total property portfolio value stands at $460 million or Dh1.7 billion, with diverse holdings covering 11 properties across the office, residential and alternative real estate sectors.

ENBD REIT also announced the realignment of its dividend calendar, to coincide with its financial year-end on March 31. The next dividend declaration is scheduled for year-end March 31, 2018 and will be distributed in June 2018, following shareholder approval at the AGM.

Thereafter, it is ENBD REIT’s intention to continue to distribute dividends to shareholders on a semi-annual basis, following full-year and half-yearly financial results (March 31 and September 30).

Anthony Taylor, the head of Real Estate at Emirates NBD Asset Management, said: "We are pleased to announce a further improvement to our NAV, following the acquisition of the Souq Extra retail centre in Dubai Silicon Oasis, which we completed shortly before the end of 2017."

"The year was a very busy one, with our listing on Nasdaq Dubai in March followed by a string of four acquisitions that saw ENBD REIT grow and diversify its portfolio. We now hold high quality, income-generating properties across office, residential and alternative asset classes," noted Taylor.

"In 2017, we successfully deployed the $105 million raised at listing, tapped our Islamic debt facility, and have now achieved a Loan-to-Value ratio of 36 per cent. I am proud of the team’s hard work and we look forward to a successful year ahead," he added.

Taylor said the portfolio occupancy growth in the last quarter of 2017 saw an eight per cent growth with total portfolio occupancy reaching 87 per cent.

Top performing assets included Binghatti Terraces, where occupancy now stands at 95 per cent (up from 70 per cent in the previous quarter) and Remraam, where occupancy continued to climb to 60 per cent (up from 38 per cent in the previous quarter).

The alternative portion of the portfolio is currently 100 per cent occupied in line with ENBD REIT’s acquisition strategy to acquire fully occupied income producing assets. Occupancies within the office and residential portfolios currently stand at 84 per cent and 85 per cent respectively, said the statement from ENBD REIT.

This year, the focus of ENBD REIT is to enhance shareholder returns, through further acquisitions, reaching an optimal Loan-to-Value (LTV) ratio of 45 per cent, while continuing to improve and maintain high occupancy rates across the portfolio, it added.-TradeArabia News Service