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 >>

 
  Share
  • The Shari'a compliant financing facility has been agreed with Standard Chartered Bank and delivers a reduction in profit costs
  • Financing will facilitate further portfolio diversification through acquisitions
Dubai, United Arab Emirates, 15th November 2018:   ENBD REIT (CEIC) Limited (“ENBD REIT”), the Shari'a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has confirmed a USD 75 million (AED 275 million) Murabaha finance facility with Standard Chartered Bank for a term of three years with an accordion option to upsize the facility to USD 100 million. The new facility will support the REIT's focus on portfolio diversification through further acquisitions, to maximise income returns and mitigate risk. 
 
The Shari'a compliant facility is in two tranches. Tranche A (USD 45 million at total drawdown) will partially repay ENBD REIT's existing debt, following oversight approval, thereby delivering a material benefit to the REIT's finance cost. Utilization of Tranche A will not affect the Loan-to-Value (LTV) ratio of 38% and results in a reduction in profit costs that better aligns with ENBD REIT's investment strategy and target returns. Tranche B, of USD 30 million, will be available to support potential acquisitions and will increase LTV to 42%. The facility has a bullet payment at maturity. 
 
Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management, said: 
“The facility that we have secured with Standard Chartered Bank will support our core objective of delivering value and income to investors, by enabling us to complete strategic acquisitions that boost the diversity and size of our portfolio, as well as reducing our cost of financing. At present, we are primarily focused on alternative assets and are especially keen to pursue opportunities in the industrial, logistics and healthcare sectors.”
 
ENBD REIT, which has been listed on Nasdaq Dubai since March 2017, offers investors access to Dubai's institutional real estate market. Over the past 24 months the fund has invested USD 150 million in properties across alternative and office asset classes. The REIT's management is seeking to increase its alternative holdings as it pursues new acquisition opportunities.  
 
With its management in Dubai, ENBD REIT is a Shari'a compliant, real estate investment trust investing in income generating real estate, with a primary focus on the UAE. ENBD REIT is managed by Emirates NBD Asset Management, an award-winning asset manager in the UAE, with approximately USD 4.3 billion in Assets under Management (AuM).



Posted by : GoDubai Editorial Team
Viewed 5917 times
Posted on : Thursday, November 15, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Property Sharjah Real Estate Registration Directorate gets ISO 9001: 2015 certification anew
Next Story : DAMAC reports revenue of AED 5.2 billion for the first nine months
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
Ferhat Kacmaz selected as judge of Queen of USSR Beauty Pageant in Dubai
Le Meridien Al Aqah Beach Resort Rolls out Fabulous Deals for February
Tame your Tresses
Kronometry 1999-Corum boutique in Paris
Ralph Lauren offers the spring 2019 collection
Level Shoes Presents 'Another World', an Immersive Campaign and Store Experience
Kappa Exclusive Collection
Nothing says ‘I love you' quite like MKS Jewellery Valentine's Day Top Picks
Mesmerizing Gift Sets and Perfume for Her
GROHE Is the Driving Force of the Digital Transformation in the Sanitary Sector ...
Great offers this February on Glambeaute.com
Belt Bags from Longchamp
Real Madrid & Manchester City Collections
Momentous Victory for UAE as Abdullah Humaid wins H.H. Sharjah Ruler Cup Interna...
Valentine's Day Gifting Guide
Zayed Book Award Shortlist Announced for ‘Literature' and ‘Literary & Art Criti...
Honor Gadget Gift Guide: Step Away from Anything that Wilts and Step up your Sma...
Amity University Dubai Hosts the World's Top AI Researchers at an International ...
Introducing Supergirl Make-Up
Fatima Bint Mubarak Ladies Sports Academy (FBMA) International Show Jumping Cup ...
GUESS Launches Kids Collection
Dubai Fitness Challenge 2018 Delivers on Its Social Promise as Dubai Progresses ...
Deadline extended to register for first ever Dubai Corporate Sports Championship
New Range Rover Velar Svautobiography Dynamic Edition – Refined Power
Taste, Vote and Win: Dubai Food Festival Hidden Gems is Back!
Facebook to launch fact-checking program in Arabic in partnership with AFP in th...
Bonanza for all Kia customers: Al Majid Motors offers limited period offer of A...
Treat your loved one to a romantic Venetian gondola cruise at Riverland™ Dubai o...
Delightful Duo Of Elegant Timepieces Make For A Special Valentine Day's Gift
Ajman Free Zone Offers Free-to-attend Innovation Forum for Business Community
World Nutella Day - Created by the Fans for the Fans
Zayed Sports City Awards Scholarships to Students as Part of Mubadala Tennis in ...
Now Boarding from MIA: Facial Recognition Departures
Dubai Customs receives Oman Chamber of Commerce delegation
Toastmasters from four nations to congregate in Dubai communicating happiness in...
Emirates Post commemorates silver jubilee of Emirates Center for Strategic Studi...
The Rise of Green Technology in Construction
Gulf Food Innovation Summit to Address How Technology to Curb Middle East's Food...
Billy is 40 years old..
Discover the Latest Collection from Home and Soul Dubai
Pakistan's Minister of IT&T thanks Huawei for its contribution to the country's ...
GUESS Launches JEANS SS19 Collection for Women
A Movie Treat, Every Time You Eat at Dubai Festival City Mall!
Canadian University Dubai partners with Malaysia's top-ranking Multimedia Univer...
MASmash Opens in Abu Dhabi at Manarat Al Saadiyat
Patented dental solutions, Dental Robotics and Digital Innovations attract visit...
DWTC win bids to host 10 new international congresses
Classic Smoky Eyes with Essence
Abu Dhabi University appoints outstanding leaders as Vice Chancellor and Associa...
Abu dhabi Grand Slam® Jiu-Jitsu World Tour fifth and final leg of season 4 heads...