ENBD REIT Announces Full Deployment of Funds Raised by Listing on Nasdaq Dubai

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ENBD REIT has invested more than USD 105 million in a range of alternative and office properties
Recent acquisitions include Uninest Dubailand, South View School and The Edge

ENBD REIT has also drawn down on its existing Islamic finance facility

Dubai, United Arab Emirates: ENBD REIT (CEIC) Limited (Nasdaq Dubai: “ENBDREIT”), the Shari’a-compliant real estate investment trust managed by Emirates NBD Asset Management, has announced that it has successfully completed deployment of the USD 105 million it raised at listing in March 2017. ENBD REIT’s latest acquisition of The Edge building in Dubai Internet City also utilized its existing Islamic finance facility, meaning that the property portfolio is running at an efficient Loan-to-Value (LTV) ratio of 32%.

Recent acquisitions by ENBD REIT have focused on a diverse range of asset types. In May the REIT acquired Uninest Dubailand, a student accommodation building, from GSA for USD 33 million. In August, ENBD REIT acquired its first development asset – South View School – in Dubai’s Remraam community at a transaction value of USD 15 million, growing the total portfolio value to USD 367 million. ENBD REIT’s most recent acquisition of The Edge in Dubai Internet City saw a transaction value of USD 76 million push the total portfolio value up to USD 447 million.

Anthony Taylor, Fund Manager, Real Estate, at Emirates NBD Asset Management, commented:

“We’re pleased to announce the complete deployment of the cash raised as part of the listing in March. Investors in REITs are looking to see efficient utilization of funds in a portfolio of assets that will consistently generate income. Ours is such a product, and we are looking forward to growing both its footprint and value in the coming months and years.”

Following the deployment of the listing proceeds, ENBD REIT now holds a total of 10 assets across Dubai. The portfolio has an overall occupancy of 89%, with a weighted average unexpired lease term (WAULT) of 3.5 years. Offices account for 67% of the portfolio, residential buildings account for 22% and alternative assets (including student accommodation and education) make up the remaining 11%. ENBD REIT's last reported net asset valuation (NAV) was USD 292 million, or USD 1.15 per share, as at 30^th June 2017.

He added: “Additionally, we have tapped into our Islamic finance facility and have now achieved a more efficient capital structure, which was one of the main objectives of our listing. We continue to explore potential acquisitions funded through our existing finance facility, to further diversify the portfolio and improve our yield.”

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ABOUT ENBD REIT

ENBD REIT (CEIC) Limited (“ENBD REIT”) is a Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited (the “Fund Manager”), listed on Nasdaq Dubai under ticker ENBDREIT. ENBD REIT is a closed-ended investment company that was incorporated by the Fund Manager to invest in a diversified Portfolio of Shari’a-compliant real estate assets in the UAE. ENBD REIT has an unlimited duration and was established in the DIFC by the Fund Manager on 18 July 2016 under the Companies Law with the name “Emirates Real Estate Fund Limited” and with registration number 2209. The Fund subsequently changed its name to “ENBD REIT (CEIC) Limited”. ENBD REIT is categorised under DFSA law and regulations as a Public Fund, a Domestic Fund, an Islamic Fund, a Property Fund and a Real Estate Investment Trust (REIT). ENBD REIT has been established with the main investment objective of generating income returns and capital appreciation from real estate assets. ENBD REIT plans to achieve its objectives through the following strategies: (i) prudent acquisitions with a focus on achieving diversification; and (ii) active asset management and enhancement. For more information, visit: www.enbdreit.com

PORTFOLIO

Office:

Al Thuraya 1 (Dubai Media City)

A G+29-story high rise commercial tower, located at a prime location in Dubai Media City with views over Barsha Heights and Palm Jumeriah.

Burj Daman (DIFC)

Two and a half floors (the fund fully owns the 10th and 14th floors and half of the 15th floor) in the commercial portion of the tower in the DIFC.

DHCC 49 (Dubai Healthcare City)

G+5-story commercial complex located in the Dubai Healthcare City free zone.

DHCC 25 (Dubai Healthcare City)

G+6-story commercial tower located in the Dubai Healthcare City free zone.

The Edge Building (Dubai Internet City)

A G+6-story fully leased, prime grade A office building located in the Dubai Internet City free zone.