GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Real Estate

 
  Share
  • Occupancy of Burj Daman climbed to 74%, up 18% since December 2017
  • Office portfolio segment grew by 4% to reach 88%
  • Only 22,000 sq. ft. remain available on ENBD REIT's Burj Daman floors
Dubai, United Arab Emirates, 26 February 2018:   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 announced total portfolio occupancy of 88%. This high occupancy level has been driven by ENBD REIT's success in leasing its flagship assets, including Burj Daman in Dubai International Financial Centre (DIFC), as well as the strategic acquisition of assets with 100% occupancy on long-term leases. 
 
ENBD REIT's property in DIFC's Burj Daman has experienced an improvement in occupancy of 18% since 31 December 2017, achieving a total occupancy rate of 74%. The total remaining leasable area of ENBD REIT's two-and-a-half floors in the commercial portion of the tower now stands at just 22,000 sq. ft. across multiple units ranging from 3,000 sq. ft. to 6,000 sq. ft. The recent uptick in occupancy at Burj Daman was driven by new leases signed by two prominent international firms, for whom DIFC is home in the UAE, as well as an existing tenancy expansion by a well-known international law firm. 
 
Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management, commented: 
 
“ENBD REIT's office portfolio occupancy growth remains positive, driven by leasing at our flagship DIFC asset. 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. Our strong portfolio occupancy of 88% across the office, residential and alternative asset classes continues to be supported by our proactive asset management philosophy, and our strategic acquisition of 100% occupied properties with long-term leases.” 
 
ENBD REIT's total property portfolio value stands at USD 460 million (AED 1.7 billion), following acquisition of The Edge in Dubai Internet City in October and the Souq Extra Retail Centre in Dubai Silicon Oasis in December. In 2017, all four of ENBD REIT's acquisitions were 100% occupied on long-term leases. The fund manager's growth strategy remains to expand its portfolio across asset classes, including ‘alternative' properties, such as the Uninest student accommodation facility in Dubailand and the under-development South View School in Dubai's Remraam community, which is on track to open in September of this year. 
 
ENBD REIT is a leading Shari'a compliant Real Estate Investment Trust, holding properties across Dubai's office, residential and alternative asset classes. As at 31 December 2017, the Company's Net Asset Value (NAV) was USD 300 million or USD 1.18 per share. 



Posted by : GoDubai Editorial Team
Viewed 9302 times
Posted on : Monday, February 26, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Sink into the Irish fanfare at Mcgettigans Al Ain
Next Story : Growth in Manufacturing pushes SIMCO to expand in to Oman and Kuwait as it boosts participation at D...
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Flaunt your gravity-defying hairstyles to become the face of our brand
Sony Unveils Newest Products and Introduces Latest Efforts from Entertainment B...
Hask's Winter Care for Your Hair
Celebrate Valentine's Day with GUESS
New Lamborghini Huracán EVO: elevation of technologies for amplified drivin...
Start the Year with some TLC and enjoy the fantastic offers at The SPA at Steige...
Rolls-Royce Motor Cars Achieves Historic Business Record
Trend Alert: Stay Timeless and Classy With a D1 Milano Timepiece
Tissot Chemin des Tourelles
Nokia 8 Sirocco blends premium craftsmanship and latest innovation with Android™...
Gharib Lands Al Shira'aa Double As One-Star Event Comes To A Close
LG Electronics' Promise of AI for an even Better Life Delivered at CES 2019 Keynote
Continental Commissions First Driverless Tyre Test Vehicle
19 reasons to fly with British Airways in 2019
Hankook 24 Hours of Dubai kicks off the 2019 season for Audi
Celebrate the Month of Love with a Brighter Smile at The Smile Bar
Global Village presents Scheherazade, a timeless tale of intrigue and adventure
HP Opens CES 2019 with Stunning Displays, PCs and Security Innovations
Malabar Gold & Diamonds opens a new showroom in Millennium Dubai Airport Hotel t...
Longchamp Spring/summer 2019 Show
Eberhard & Co. Main Sponsor of Winter Marathon 2019
Introducing Burberry Bespoke Fragrances
Turkish Airlines reached the 80.2% Load Factor in December 2018.
Always take the front row with this 7.2” supersized smartphone screen
Samsung Smart TVs to Launch iTunes Movies & TV Shows and Support AirPlay 2 Begin...
Epson to participate at SGI 2019 for the 10th year highlighting high value solut...
Third Edition of Al Shira'aa International Horse Show Concludes with Thrilling Finale
Bring out the Chef in your little ones at 800 Degrees Pizzeria
Shane Breen Wins Grand Prix Qualifier at Al Shira'aa International Horse Show fo...
Young Al Owais Ends Al Shira'aa One Star With Victory
Celebrate Valentine's Day With a Quintessential Timepiece From D1 Milano
Dubai Festival City Mall's Festival Bay transformed with a new, larger-than-lif...
Smart City Services at Silicon Park Reach Advanced Level of Completion
Eberhard & Co. Gilda makes an extraordinary Valentine's Day gift
Making many tones from one
Cadillac announces Middle East arrival of the 2019 ATS model
Tag Heuer Demonstrates Watchmaking Mastery With Its New Carrera Calibre Heuer 02...
Beef Sushi- Love at first bite
Canadian University Dubai (CUD) launches degree program in Climate Change in par...
Union Coop Among the ‘Elite' Sponsors of The FAZZA Championships for People of D...
ADEK's Winter Activities Program in Abu Dhabi hailed a resounding success
Premier Motors in collaboration with ADNOC Distribution provides
Dubai Tourism Releases AED250 Million in Bank Guarantees of Tourism Companies to...
Bollywood Actor Anil Kapoor to inaugurate 2 new outlets of Malabar Gold & Diamon...
Flying Grand Regulator now available in new colour combinations
The Preston watch collection by Coach
S@TIS' traceability software packages to feature at Arab Health 2019
The Commemorative Silver Coin
Joyalukkas Shopper wins BMW Car in DSF Mega Promotion
Citi UAE opens Citigold lounge in Abu Dhabi.