June 4, 2023

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Emirates NBD REIT acquires 631 million dirhams in first quarter

Emirates NBD REIT, or “Finance”, is a real estate investment fund operating under Islamic law, and managed by Emirates NBD Asset Management Limited, which announced net asset value for the first quarter ending June 30, 2021. “Emirates Dubai” is valued at 17 172 million (631 million dirhams), compared to $ 180 million in the previous quarter. The 1% decline in NAV is largely due to current valuation pressures and deteriorating real estate market conditions as regional macroeconomic conditions are in the early stages of post-epidemic recovery.

The board succeeded in cutting costs by 16.9%, and after a year of active management of portfolio spending, the aggression ratio in the portfolio remained stable at 75% compared to 76% on June 30, 2021. March 31, 2021, and 75% for the same period. From the previous year. A leasing strategy that serves tenants continues to play a key role in protecting occupation rates, but challenges in the real estate market have slowed the recovery.

Anthony Taylor, Head of Real Estate, Emirates NBD Asset Management, said: “Despite current market challenges, we have maintained first-quarter net rental income and occupation rates as a result of active portfolio management, down 1% from the previous quarter. .Our priority in the last two quarters is to ensure occupation sustainability 17% of total expenditure approximately 30 June 2020, as a result of the Management Committee’s preliminary cost management efforts.

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