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28 Mar, 2022ENBD REIT rings Nasdaq Dubai’s market opening bell to celebrate its fifth anniversary since IPO

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  • Continued delivery on investment strategy despite challenging market conditions

  • Effective Covid-19 response enabled continuous dividend distribution

  • Active asset and capital management positions portfolio well to benefit from improved sector sentiment

ENBD REIT (CEIC) PLC (“ENBD REIT”), the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, today celebrates the fifth anniversary of its IPO on Nasdaq Dubai marking yet another key milestone in its history as the local property market begins to show signs of revival. Senior members of the Nasdaq Dubai and ENBD REIT marked the occasion by ringing Nasdaq Dubai’s market opening bell.

Since listing on 23 March 2017 as one of the first REITs in the region, ENBD REIT achieved several milestones which contributed to its ability to successfully navigate challenging market conditions in the past five years. The portfolio added four new assets, including a development asset, taking the total to 11 assets across the office, residential, and alternative sectors whilst the REIT successfully maintained dividend distributions to shareholders, most notably during recent periods of local market uncertainty and a global pandemic.

Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management, said:

“Despite challenging market conditions post-listing, we have delivered on our investment strategy by expanding our portfolio with valuable new assets, adopting a proactive asset management approach, maintaining stable occupancy rates, refinancing our debt facilities, and increasing our focus on cost management. We are grateful to have survived the global pandemic and are pleased to have maintained consistent dividend distributions for our investors throughout this difficult period.

“After an extended period of soft market conditions driven by COVID-19, we are seeing signs of recovery and are well positioned to benefit from the improved real estate environment. Our listing on Nasdaq Dubai has been effective in enhancing our visibility among the international and regional investor community, and strongly supports our robust corporate governance framework,” Anthony Taylor added.

Hamed Ali, Chief Executive Officer (CEO) of Nasdaq Dubai and Dubai Financial Market, said:

“We congratulate ENBD REIT’s for the fifth anniversary since IPO. The listing of ENBD REIT on Nasdaq Dubai is consistent with our strategy to broaden the real estate sector’s access for a range of global and regional investors in order to participate in the growth opportunities of this key economic sector in Dubai. Nasdaq Dubai looks forward to building on its leading role in enabling REITs and wider real estate sector listing and trading to support further market activity by issuers and investors.”

As an active asset manager, the REIT has recently undertaken extensive refurbishments to its real estate portfolio, including upgrades to Al Thuraya Tower 1 in Dubai Media city, to attract and retain key tenants in a dynamic market. This approach, combined with the successful implementation of Covid-19 relief program to assist tenants during the pandemic resulted in healthy occupancy rates and improved unexpired lease terms throughout the portfolio. Other significant achievements include a share buyback scheme and the refinancing of its debt on favourable terms with a number of local and international banks.