ENBD REIT occupancy at Burj Daman up 18 per cent since 2017
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 per cent occupancy on long-term leases.
ENBD REIT’s property in DIFC’s Burj Daman has experienced an improvement in occupancy of 18 per cent since 31 December 2017, achieving a total occupancy rate of 74 per cent. 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 square feet across multiple units ranging from 3,000 square feet to 6,000 square feet. 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.
“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 per cent across the office, residential and alternative asset classes continues to be supported by our proactive asset management philosophy, and our strategic acquisition of 100 per cent occupied properties with long-term leases,” said Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management.
ENBD REIT’s total property portfolio value stands at $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 per cent 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'ah-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 $300 million or $1.18 per share.