ENBD REIT (CEIC) Limited, a shari'a-compliant real estate investment trust based in the UAE, has announced that Ben Coombe is stepping down as the senior portfolio manager after nearly 10 years with the team.

Coombe will hand over the position to Melanie Fernandes, an industry veteran with over 25 years of experience in the UAE with Emirates NBD, with four years as portfolio manager at ENBD REIT, said a statement from the company.

A real estate investment trust being managed by Emirates NBD Asset Management Limited, ENBD REIT holds a total of 11 properties across Dubai’s office, residential and alternative asset classes.

As of March 31, 2018, the REIT’s total property portfolio value stood at $463 million, with a net asset value (NAV) of $300 million or $1.18 per share, and total occupancy of 89 per cent.

ENBD REIT said it has identified further staffing opportunities to build up its asset management team, in support of Fernandes in her new role.

Commenting on the handover, Anthony Taylor, the head of real estate at Emirates NBD Asset Management, said: "Coombe has been an immensely valuable member of the team, and we are sorry to see him leave. However, we wish him and his family the very best as he relocates to his home country of New Zealand and thank him for his exceptional contribution to our business over the years."

"ENBD REIT will continue business as usual, having effectively planned for succession well in advance of Coombe’s departure," he observed.

"On this note, we congratulate Fernandes on her promotion and wish her success as she continues to build on the strong foundation laid down by Coombe," stated Taylor.  

Fernandes has over 25 years of experience in the UAE with Emirates NBD, of which the last 10 years has been in real estate, with four years as a portfolio manager within the ENBD REIT management team.

Prior to this, she was managing the property portfolio of Emirates NBD Properties that comprised units in iconic buildings such as Index Tower (DIFC), Limestone House (DIFC) as well as residential, commercial and retail units in Dubai Motor City.

Fernandes has an MBA and is currently completing her Masters’ in Real Estate Investment Finance at Heriot Watt University (Dubai Campus).

On the resignation, Coombe said: "It was a hard decision to leave ENBD REIT after nearly a decade with the team, however, I wish the business all the success in the years ahead and look forward to watching as it continues to grow from strength to strength."

"I’d also like to wish Fernandes the best of luck in her new role, in which I have no doubt she will perform admirably - her promotion is well deserved," he added.-TradeArabia News Service