The effective response to Covid-19 enabled a continuous distribution of dividends.
ENBD REIT, the Shariah-compliant real estate investment trust managed by Emirates NBD Asset Management Limited, celebrates the fifth anniversary of its IPO on Nasdaq Dubai, marking another key milestone in its history as the local real estate market begins to show signs of recovery. Senior members of Nasdaq Dubai and ENBD REIT marked the occasion by ringing the Nasdaq Dubai market opening bell.
“Despite challenging post-IPO market conditions, we executed on our investment strategy by expanding our portfolio with new valuable assets, adopting a proactive approach to asset management, maintaining occupancies, refinancing our credit facilities and increasing our focus on cost management. We are grateful to have survived the global pandemic and are pleased to have maintained consistent dividend distributions for our investors while through this difficult period,” said Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management.
“After a long period of soft market conditions due to Covid-19, we are seeing signs of recovery and are well positioned to benefit from the improving real estate environment. Our listing on Nasdaq Dubai has been effective in enhancing our visibility with the international and regional investment community, and strongly supports our strong corporate governance framework.
Since listing on March 23, 2017 as one of the region’s premier REITs, ENBD REIT has achieved several milestones that have contributed to its ability to successfully navigate challenging market conditions over the past five years. The portfolio added four new assets, including a development asset, bringing the total to 11 assets across the office, residential and alternative sectors, while the REIT successfully maintained dividend distributions to shareholders, particularly during recent periods. local market uncertainty and global pandemic. .
Hamed Ali, Managing Director of Nasdaq Dubai and Dubai Financial Market, said: “We congratulate ENBD REIT on the fifth anniversary since its IPO. ENBD REIT’s listing on Nasdaq Dubai is in line with our strategy to broaden access to the real estate sector to a range of global and regional investors to participate in the growth opportunities of this key economic sector in Dubai. Nasdaq Dubai is eager to build on its leadership role in enabling REITs and the listing and trading of the broader real estate sector to support market activity for issuers and investors.
As an active asset manager, the REIT recently undertook major renovations to its property portfolio, including upgrades to Al Thuraya 1 Tower in Dubai Media City, to attract and retain key tenants in a dynamic market. This approach, combined with the successful implementation of the Covid-19 relief program to help tenants during the pandemic, has resulted in healthy occupancy rates and improved unexpired rental terms across the portfolio. Other significant achievements include a share buyback program and the refinancing of its debt on favorable terms with several local and international banks. — [email protected]