DUBAI, UAE: ENBD REIT (CEIC) PLC, the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, is considering the strategic disposal of a real estate asset that accounts for more than 5% of its Net Asset Value (NAV), a news release said.
The Board of Directors has received and accepted a Letter of Intent in respect to property held by ENBD REIT in Dubai Silicon Oasis (which constitutes approximately 6.0% of the overall portfolio by value and 11.8% of the prevailing Net Asset Value (NAV)) that makes a conditional offer for the asset on satisfactory terms, and is now negotiating the final terms and considering the final documentation prior to transfer.
It is intended that definitive documents be agreed in June 2021. Further details of the transaction, including the proposed use of proceeds resulting from this proposed disposal, will be announced to the market following completion of the transaction.
ENBD REIT (CEIC) PLC is a Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, listed on Nasdaq Dubai under ticker ENBDREIT.
ENBD REIT is a closed-ended investment company that was incorporated by the Fund Manager to invest in a diversified Portfolio of Shari’a-compliant real estate assets in the UAE.
ENBD REIT has an unlimited duration and was established in the DIFC by the Fund Manager on 18 July 2016 under the Companies Law with the name “Emirates Real Estate Fund Limited” and with registration number 2209.
The Fund subsequently changed its name to “ENBD REIT (CEIC) Limited” and later ENBD REIT (CEIC) PLC in line with the new DIFC Companies Law. ENBD REIT is categorised under DFSA law and regulations as a Public Fund, a Domestic Fund, an Islamic Fund, a Property Fund and a Real Estate Investment Trust (REIT).