ENBD REIT announces improved occupancy at Burj Daman

2 Min | 26 February 2018

Occupancy of Burj Daman climbed to 74%, up 18% since December 2017

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.

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