UAE - Mubasher: The net asset value (NAV) of ENBD REIT (CEIC) amounted to $168 million in the third quarter for the year ending March 2022, compared to $164 million in September 2021 and $184 million in December 2020.
This performance reflects signs of value stabilisation witnessed by ENBD REIT, the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, according to a press release on Monday.
The value of ENBD REIT's property portfolio rose by 3% quarter-on-quarter (QoQ) to $357 million in Q3-21/22.
Meanwhile, the real estate investment trust's occupancy across the portfolio stood at 77% compared to 76% for the previous quarter.
The Head of Real Estate at Emirates NBD Asset Management, Anthony Taylor, said: "Our proactive asset management approach to our buildings and capital structure is starting to bear fruit as occupancy levels remain stable across the portfolio and on-going expenses being maintained at record low levels."
Taylor added: "We remain focused on long-term cost management despite incurring some one-off expenses related to the refinancing of our facilities which impacted performance in the quarter but improves our cost base significantly going forward."
