• 30 teachers have already joined the school, all of whom are British-qualified
  • South View School will teach classes up to Year 7 (11-12 years) 

Dubai, United Arab Emirates: ENBD REIT (CEIC) Limited (“ENBD REIT”), the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced that its recently completed South View School, in Dubai’s Remraam Community, has commenced operations, with pre-enrolled students having joined their classes since  Sunday 2nd September.

The school will teach children up to Year 7 (11-12 years) and has already employed 30 British-qualified teaching staff. South View School is operated by Interstar Education, part of Interstar Advisory Services, which currently runs the successful and well-established Victory Heights Primary School in Dubai Sports City. The school is Interstar Education’s fifth Dubai campus and its second British curriculum school.

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

“We are proud to announce the on-time completion of South View School, and the opening of its doors to students on 2nd September 2018. This is our first education asset, as well as our first development asset, and a great deal of hard work was put into its successful opening by both the ENBD REIT and Interstar Education teams. From a Real Estate investment perspective, we have identified the considerable opportunity that exists in Dubai’s education sector with the right strategic partner and look forward to similarly successful projects in the future. We wish the students of South View School the best of luck in their academic and extracurricular endeavours.”

With a total gross floor area of 132,000 sq. ft. on a plot covering 183,504 sq. ft., South View School has the capacity to accommodate nearly 1,800 children at full capacity and starts from the FS1 level. Since its establishment in 2000, Interstar Education has provided schooling to 15,000 children across five campuses in the UAE and India. The Group runs two Delhi Private Schools in the UAE, and first entered the British curriculum with Wonder Years Nursery in Dubai Sports City. It has since established Victory Heights Primary School, which has enjoyed considerable success.

Amit Kothari, Executive Director of Interstar Education, commented:

“It has been a pleasure to work with ENBD REIT and our development partners on delivering this exciting new addition to Dubai’s education community. South View School will have a direct and positive impact on the local Remraam Community, offering families the opportunity to take advantage of a first-class British curriculum institution. As a business, Interstar Education has been expanding at a healthy pace and we are looking forward to South View School’s first successful year of operation.”

-Ends-

For more information:

ENBD REIT (Investor Relations)

Julia Ward-Osseiran                                                                       

JuliaO@emiratesnbd.com                                                                                                                                             

+971 (0) 4 509 3016

 

Company Secretary

Jean Kenny Labutte                                                                       

JeanK@apexfunddubai.ae 

Apex Fund Services (Dubai) Ltd.                                                               

+971 (0) 4 428 9221 / +971 (0) 55 662 8078

 

Instinctif Partners (Public Relations)

George Allen                                                                                  

George.Allen@instinctif.com 

+971 (0) 56 609 6749 

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 recently constructed and located in the Dubai Internet City free zone. Oracle is the largest tenant occupying 85% of the office space.

Residential:

Arabian Oryx House (Barsha Heights)

A residential tower with 128 units in the free zone Barsha Heights, Dubai. Mainly comprises units of one, two and four-bed apartments.

Binghatti Terraces (Dubai Silicon Oasis)

A residential tower with 201 residential and 5 retail units in Dubai Silicon Oasis, constructed by developers with an established track record.

Remraam Residential (Dubailand)

Two residential towers offering 105 units in mainly 1 & 2-bedroom apartments

Alternative:

Uninest Dubailand (Dubailand)

A 424-bed student accommodation property located close to Dubai Academic City, serving students attending university across the city. 100% leased to global student accommodation provider, GSA.

South View School (Remraam)

A 132,000 sq. ft. under-development primary school, scheduled to open in September 2018 and operated by Interstar Education.

Souq Extra Retail Centre Phase 1 (Dubai Silicon Oasis)

Community centre in Dubai Silicon Oasis with over 36,000 ft² of gross leasable area, comprising 25 retail units fully let to blue-chip tenants.

 

 

 

HIGHLIGHTS*

Property portfolio value

USD 463 million

NAV

USD 289 million (USD 1.14 per share)

LTV (on GAV)

37%

Occupancy

90%

WAULT (years)

3.47

No. of properties

11

Sectors

Office                    64%

Residential           20%

Alternative           16%

*All figures are as at 30th June 2018

ABOUT INTERSTAR EDUCATION

Interstar Education, part of Interstar Advisory Services is an international education company operating in UAE and India. Founded by Dinesh Kothari, Interstar Education currently provides primary and secondary education to over 15,000 pupils. Interstar Education’s strategy has been to develop a portfolio of high quality, affordable schools. To achieve this goal the Group focuses on attracting top talent and continuous professional development of its teachers and leaders. Each education project has been custom developed to meet the requirements of the community in which the school operates thereby serving the families and students effectively. The Group operates the highly successful Delhi Private School (CBSE curriculum) and Victory Heights Primary School (British curriculum) in the UAE.

© Press Release 2018

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