Dubai PR Network, Online Press Release from Dubai and Middle East
 
Property & Real Estate(Real Estate & Retail)
Filter PR by
  
ENBD REIT announces improved occupancy at Burj Daman
 
  • 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 : Dubai PR Network Editorial Team
Viewed 7924 times
PR Category : Real Estate & Retail
Posted on : Monday, February 26, 2018  11:32:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : EFS Facilities Services wins prestigious Integrated Faciliti...
Next Story : DAMAC Properties deliveries surpass 20,000 unit milestone as...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Brow Contour Pro 4-in-1 defining & highlighting brow pencil [12493-Views]
Jessica Kahawaty in Dubai to Celebrate the Launch of SUKIN, Australia's No.1 Natural Skinc... [11608-Views]
BodyO launches officially its AiPod for a full body check-up during the Gitex Future Stars [10144-Views]
The World of Aigner Wunderkammer [9925-Views]
Get flawless skin with Rodial's new Booster Drops [9900-Views]
Manero Peripheral (43 Mm) Classic Watchmaking Meets State of,the Art Technology [7893-Views]
Curate your perfect Autumn Winter wardrobe, with Robinsons [7607-Views]
Fifi & Friends - Now available at more outlets across the UAE [7350-Views]
Corum Heritage Eleganza- Dedicated to the stylish woman [7253-Views]
Halloween “Catwoman” mask using BROW products [7009-Views]
BOLLYWOOD PARKS™ Dubai introduces 11 new shows with a new line up of performances from var... [6917-Views]
Dubai Shopping Festival Returns With Much-awaited Mega Raffles [6838-Views]
With more collections and a more spacious car parking, Kalyan Silks moves to Electra Stre... [6643-Views]
Win up to 250,000 Gold coins at Malabar Gold & Diamonds this festive season [6576-Views]
OMEGA gets set to time the Youth Olympic Games Buenos Aires 2018 [6558-Views]
Joyalukkas Celebrates the Festival of Light with Irresistible Offers [6558-Views]
Malabar Gold & Diamonds to triple number of outlets to 750 and raise Group turnover to US$... [6545-Views]
Dubai's newest social hub - Bar Baar introduces ‘Thela Baar Brunch' [6271-Views]
Sharjah Government pavilion highlights digital transformation of Sharjah at GITEX 2018 [5588-Views]
Hour Choice presents Coach Park Collection (Suede straps) [5307-Views]
Introducing the Nokia 7.1 to the UAE [5258-Views]
Saddle Up With kate spade Fall 2018 [5252-Views]
Michael Kors to Introduce a Special-edition Whitney Handbag for the Middle East [5136-Views]
W Motors and Safe City Group introduce the BEAST PATROL at GITEX: One of the most advance... [5087-Views]
Be Thankful with Tub of Butter This Thanksgiving [5008-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories