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March 21, 2017 | 13:00 | Dubai
ENBD REIT (CEIC) Limited (“ENBD REIT”), a Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited (the “Fund Manager”), has, following strong demand from GCC-based investors, set the price for the intended offer of its ordinary shares (the “Offer”) at US$ 1.11 per ordinary share (“Offer Price”). The Offer was well over-subscribed, receiving a better than expected response from regional investors, leading to a pricing nearer to the midpoint, at approximately a 7.5% discount to net asset value (NAV). ENBD REIT intends to admit its shares to the Official List of Securities of the DFSA and to trading on Nasdaq Dubai (“Admission”) on 23 March 2017.
“The Offer of ENBD REIT’s shares to trading on Nasdaq Dubai provides investors with the opportunity to invest in a leading real estate investment trust in the UAE with a high quality and diversified portfolio of income-generating assets in strategic locations across Dubai. ENBD REIT has demonstrated a strong track record of performance, consistent dividend distribution and a steady increase in NAV per share.”
Anthony Taylor, Fund Manager, Real Estate, at Emirates NBD Asset Management, said:
“Our primary investment objective is to generate attractive income returns and capital appreciation from real estate assets. We are targeting opportunities that offer net yields in line with, or greater than, previously achieved returns. We manage our assets with a focus on enhancing their value, and we have a pipeline of attractive acquisition opportunities that will further diversify our portfolio and allow us to benefit from economies of scale.”
ENBD REIT’s investment properties were independently valued at approximately US$ 314 million as at 30 September 2016, with total assets at approximately US$ 426.2 million. Adjusted net asset value was approximately US$ 191.8 million as at 31 December 2016. The REIT has consistently made divided contributions since inception point, and paid a 5.8% dividend for the full year 2016.