ENBD Reit reports 88% occupancy across Dubai portfolio

Occupancy driven by leasing growth at Burj Daman in DIFC, plus acquisition of alternative assets

ENBD Reit, the Sharia compliant real estate investment trust managed by Emirates NBD said higher occupancy levels have been driven by an uptick in leasing at leasing at Burj Daman in Dubai InternationShow more

ENBD Reit, the Sharia-compliant real estate investment trust managed by Emirates NBD Asset Management, said its portfolio occupancy rate increased to 88 per cent, driven by leasing in flagship assets such as the Burj Daman in Dubai International Financial Centre.

"ENBD Reit's office portfolio occupancy growth remains positive, driven by leasing at our flagship DIFC asset," Anthony Taylor, head of real estate at Emirates NBD Asset Management, said in a statement on Monday.

“We have experienced strong tenant demand in Burj Daman, due to its prime location, making it a building of choice for international financial, legal and corporate advisory firms.”

Occupancy rose by 18 per cent to 74 per cent in total at Burj Daman since the end of December 2017, according to the statement. The uptick in occupancy at Burj Daman was driven by leases signed by two prominent international firms, as well as an existing tenancy expansion by a “well-known international law firm”, the statement added.

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The remaining leasable area of the reit’s two-and-a-half floors in the commercial part of the tower stands at 22,000 square feet across multiple units ranging from 3,000 sq ft to 6,000 sq ft.

ENBD Reit's total property portfolio value stands at $460 million, following its acquisition of The Edge tower in Dubai Internet City last October and the Souq Extra Retail Centre in Dubai Silicon Oasis for Dh210m in December.

ENBD Reit, which launched in March 2017, plans to expand its portfolio across different asset classes in 2018, including education, it said on Monday. Last year it acquired the Uninest student accommodation building in Dubailand and South View School in Remraam Community, which is scheduled to open this September.

“Our strong portfolio occupancy of 88 per cent across the office, residential and alternative asset classes continues to be supported by our proactive asset management philosophy, and our strategic acquisition of 100 per cent-occupied properties with long-term leases,” Mr Taylor added.

The company had a net asset value of $300m or $1.18 per share at the end of  December 31, 2017.