Equitativa, the largest REIT (real estate investment trust) manager in the GCC, said its property operating income for the first quarter hit Dh48.6 million ($13.2 million), up 23 per cent over last year, thus reflecting its active management and selective approach to asset acquisitions.

A major player in the region, Equitativa is also the manager of Emirates REIT, the world’s largest shari’a compliant REIT and the first such reaal estate trust listed on Nasdaq Dubai.

Announcing the financial results for Emirates REIT in the first three months, Equitativa said it has registered a strong Ebitda growth of 21 per cent to hit Dh31.3 million ($8.5 million) over last yar.

The Emirati REIT's portfolio value increased to Dh3.2 billion ($870 million) during the three-month period. Total Net Asset Value stood at Dh1.9 billion ($520 million) as of March 31, 2018.

Equitativa announced strong quarterly results for Emirates REIT, including a solid 21 per cent growth in ebitda over the same period last year.

Key highlights of the quarter are the high performance of the European Business Center, the completion of additional fit-out in Index Offices, and Index Mall’s leasing.

The European Business Center, acquired in Q3 2017, achieved a 7 per cent rent increase during Q1 2018. This increase is mainly due to the active management since acquisition, focusing on improving and repositioning the building, which started to align with the market rates.

Group Chairman Sylvain Vieujot said: "Despite a challenging real estate market, Emirates REIT achieved a significant 23 per cent year-on-year growth in total property operating income, which included strong organic growth of 12 per cent from the existing portfolio."

Equitativa’s successful issuance of the sukuk in December 2017 has protected the REIT from the rising interest rate environment for the next five years, he added.-TradeArabia News Service