Equitativa, the largest REIT (real estate investment trust) manager in the GCC region, has reported solid growth for the first nine months with its net asset value (NAV) surging to $528.7 million ($1.76 per share) over last year with a total year-on-year return of 8 per cent.

Announcing the unaudited financial results for period ending September 30, 2018, for Emirates REIT (CEIC) Limited, the world's largest shari'a compliant real estate investment trust, the robust performance in what is traditionally the softest quarter of the year, enabled a strong conversion to the bottom line leading to a 28 per cent growth in ebitda to $27.1 million over last year's figure of $21.2 million.

This growth was mainly driven by the REIT's most recent acquisitions in the commercial and education sectors, including the European Business Centre and the Lycée Français Jean Mermoz, as well as the increase of the rental income from commercial lease-up at Index Tower, said the statement from Equitativa.

During the nine-month period, Equitativa pointed out that the value of its REIT portfolio increased to $914.7 million, marking an increase of 8.3 per cent compared to $844.6 million for the same period last year.

On its nine-month performance, Group Chairman Sylvain Vieujot said: "The growth in property income and record high ebitda highlights our resilient performance in a challenging market. We believe this market presents some attractive buying opportunities and are actively preparing further acquisitions."

Equitativa and Emirates REIT have been recognised by the Bonds, Loans & Sukuk Middle East Awards and the Emirates REIT Sukuk is the Winner of this year’s award for Bond/Sukuk Deal of the Year by a Debut Issuer, he added.-TradeArabia News Service