Search DubaiPRNetwork.com

Home >> Real Estate & Retail

ENBD REIT announces improved occupancy at Burj Daman

Monday, February 26, 2018/ Editor -  

Share

Home >> Real Estate & Retail
  • 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. 

Previous in Real Estate & Retail

Next in Real Estate & Retail


Home >> Real Estate & Retail Section

Latest Press Release

Etihad Airways Travel Advice for 2018 Winter Holidays

DKNY Launches (Limited Edition) Holiday 2018 Collection

Enjoy 11 exciting new street entertainment shows at BOLLYWOOD PARKS™ Dubai

New maritime law seen as key initiative to boost UAE's sea trade

Cautious Optimism Extends into 2019 Airlines Heading for A Decade in the Black

IATA Launches Platform Enabling Airlines to Share Turbulence Data

Over 80 developers showcase top projects at Indian Property Show in Dubai

How the world searched for 2018

Emiratisation Efforts Stepped Up in Support of New Tourism Vision 2025

Emirates takes delivery of its last Boeing 777-300ER aircraft

du announces availability of eSIM on iPhone XS, iPhone XS Max and iPhone XR

Leading Emirati business leader shares insights of her momentous life

Model of the Year Takes Camo to Catwalk Level

Superstar Indian musical duo Vishal-Shekhar to take the stage at BOLLYWOOD PARKS ...

CITIZEN's “#MyBetterStartsNow” campaign seeks out UAE's inspired and driven indi ...

Fine hosts visually-impaired mountaineering hero Erik Weihenmayer

Data analytics and cyber security will be key to improving aviation safety

Oman UAE Exchange Launches Online Money Transfer Service

Bawabat Al Sharq Mall is all set to welcome an exciting festive season with 'Wi ...

UAE students win top awards at international math competition in Malaysia