255 million USD of assets of Emirates NBD Reit for the first quarter

Emirates NBD REIT, a Sharia-compliant real estate investment fund managed by Emirates NBD Asset Management, has announced its net badet value for the quarter ended June 30th.

The value of the company's net badets was $ 255 million ($ 1.02 per share) at the end of the quarter, which translated into a net badet value. $ 260 million with profits, before agreeing to distribute profits of $ 5.4 million.

The dividend distribution concerns the distribution of the final dividend due to the shareholders as of March 31, 2019 (end of fiscal year of the company), after approval of the shareholders at the last ordinary general meeting of June 24, 2019 and payable on July 15 2019.

The value of the real estate portfolio of Emirates NBD amounted to 437 million USD, against 450 million USD in the previous quarter, due to valuation losses resulting from the fall in the real estate market. One of the largest tenants in this portfolio, has given up the space he previously rented to the Thuraya Tower 1 in Dubai Media City, where he moved to the main office built for this purpose. The portfolio includes a diversified portfolio of 11 buildings ranging from office, residential and alternative properties.

Overall portfolio performance was strong, at 14.3%, driven by successful leasing at Daman and Ben Ghati Terrazzas, with occupancy rates up 3% and 16%, respectively. The current occupation rate of the company is 82%, down only 4%.