ENBD REIT Passes One Year On Nasdaq Dubai With Key Investment Milestones

ENBD REIT (CEIC) Limited (“ENBD REIT”), the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited (the “Fund Manager”), has celebrated its One Year Anniversary since listing on Nasdaq Dubai, with a series of key milestones passed during the twelve months from March 2017. Senior members of the Nasdaq Dubai and ENBD REIT teams marked the occasion with a celebration in Dubai International Financial Centre (“DIFC”).

On 23 March 2017, ENBD REIT admitted its ordinary shares to trading on Nasdaq Dubai following its initial public offering (IPO) under ticker symbol ENBDREIT. The offer to institutional investors, at a price of US$ 1.11/share, saw the stock climb in value to USD 1.17 on the first day of trading, with gross proceeds from the transaction amounting to USD 105 million. During the twelve months since listing, ENBD REIT’s property portfolio has grown by USD 146 million or 46% to reach USD 460 million, with the weighted average unexpired lease term (“WAULT”) across assets doubling to 3.5 years. Occupancy of the portfolio increased by 11% during the period, to reach a total of 88%, while ENBD REIT’s Loan to Value (“LTV”) ratio now stands at 36%, having grown from 28% since listing.

Mr. Tariq Bin Hendi, Chairman of ENBD REIT, commented:

“At the time of listing on Nasdaq Dubai, the strong interest we received from GCC investors was a testament to the appetite that existed for our equity story, and of the appeal of the local REIT market. The listing has enabled us to embark on our strategic acquisition plan, and the team have been successful in securing a series of high quality income generating properties – across a range of asset classes. Our improved capital structure has allowed us to remain more fully invested and to focus on achieving long-term returns for our shareholders. The current acquisition pipeline remains active, and we are exploring further financing opportunities to support our ambitions to grow and diversify the portfolio. Nasdaq Dubai has proved to be the ideal exchange for ENBD REIT, providing access to international capital and promoting best practice standards of corporate governance among issuers.”