UAE - Mubasher: ENBD REIT (CEIC) recorded a net asset value (NAV) of $167 million during fiscal year (FY) ended 31 March, down 7.4% year-on-year (YoY).
Lower NAV is driven by capital expenditure on buildings, namely the refurbishment of Al Thuraya Tower, and an accounting liability relating to the cross currency profit rate swap, according to a press release on Thursday.
The portfolio occupancy of the Shari’a compliant real estate investment trust rose to 80% as of 31 March 2022 from 76%, as market conditions stabilised in the second half (H2) of the year.
Meanwhile, ENBD REIT’s board recommended a final dividend of $5 million for the six-month period ending 31 March 2022, bringing the total dividends for the year to $9.5 million.
The Head of Real Estate at Emirates NBD Asset Management, Anthony Taylor, said: "During 2021-22 we took many steps forward that strengthened ENBD REIT’s business and prepared it to prosper in the coming year and beyond. These included completion of a major upgrade of Al Thuraya Tower 1 in Dubai Media City, to create a modern and sophisticated office environment."
Meanwhile, Taylor added: "In the coming period we will strengthen our policy of securing reliable and predictable revenues in order to manage any market volatility, while ensuring lease terms contain covenants of appropriate strength."
