ENBD REIT is a Shari'a compliant real estate investment trust managed by Emirates NBD Asset Management, listed on Nasdaq Dubai under ticker ENBDREIT.
ENBD REIT's investor relations team aims to provide investors with consistent and timely information in line with international standards, to ensure stakeholders are kept up to date in a clear and transparent manner, enabling them to make informed decisions and to arrive at a fair valuation for the security.
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
On this page we will provide share information and trading history, earnings and dividend releases, as well as our financial statements, annual reports and presentations to the investment community.
If you have further questions, please do not hesitate to get in touch with the investor relations team.
Profile and History
ENBD REIT's principal investment objective is to generate income returns, complimented by capital appreciation from real estate assets. Before re-domiciling to the DIFC, Emirates Real Estate Fund, the predecessor to ENBD REIT, had since inception in 2005 provided investors with a regular and stable source of income by way of annual dividends (with limited exceptions) and long-term capital appreciation in net asset value per share.
The Fund Manager, Emirates NBD Asset Management, is one of the leading asset managers in the GCC region with approximately US$4.1 billion assets under management as at 31st December 2018. It is a wholly owned subsidiary of Emirates NBD Bank PJSC, is based in the Dubai International Financial Centre (DIFC) and regulated by the Dubai Financial Services Authority (DFSA).
Facts & Figures
Overview:
- Managed by Emirates NBD Asset Management Limited
- Shari'a compliant REIT
- Publicly listed on the Nasdaq Dubai stock exchange
- Typically distributed a historical dividend of approximately 5.0% and 5.5% since inception
- Eleven properties in current portfolio
- Lead asset manager: Anthony Taylor
No. of properties
11
Occupancy
88%
Office
64%
Residential
18%
Alternative
18%
Gross yield^
8.3%
WAULT
3.61 yrs
Office: 2.01 yrs
Residential: 0.75 yrs
Alternative: 12.40 yrs
Loan-to-Value*
38%
Property Portfolio Value
USD 456m
*Loan-to-value on GAV
^on property portfolio
(gross rental revenue/portfolio value)
As at 31st December 2018
Performance Highlights
| Date | Property portfolio value |
NAV | NAV per share | Dividend per share |
Dividend % on NAV* |
Dividend % on Share Price |
Share Price |
|---|---|---|---|---|---|---|---|
| 31st Dec 2018 | USD 456m | USD 284m | USD 1.11 | - | - | - | USD 0.64 |
| 30th Sep 2018 | USD 459m | USD 285m | USD 1.12 | USD 0.0270^ | 4.82% | 7.20% | USD 0.75 |
| 30th Jun 2018 | USD 463m | USD 289m# | USD 1.14# | - | - | - | USD 0.81 |
| 31st Mar 2018 | USD 463m | USD 300m | USD 1.18 | USD 0.0129 | 1.09% | 1.30% | USD 0.99 |
| 31st Dec 2017 | USD 460m | USD 300m | USD 1.18 | - | - | - | USD 0.99 |
| 30th Sep 2017 | USD 353m | USD 295m~ | USD 1.16 | - | - | - | USD 1.00 |
| 30th Jun 2017 | USD 352m | USD 302m | USD 1.18 | USD 0.0382 | 3.24% | 3.86% | USD 1.08 |
| 30th Mar 2017 | USD 315m | USD 297m | USD 1.17 | - | - | - | USD 1.17 |
* Based on quarter cum-dividend NAV
~ Dividend payment made in this period
#
Dividend payment and return of capital made in this period (totaling USD 12,008,860 or USD 0.0472 per share)
^ To be paid in early 2019, subject to the approval of the Reduction of Capital by the DIFC Court
Frequently Asked Questions
New Investors
Investing in ENBD REIT
The Fund Manager
Annualised dividend paid
| Year | Value |
|---|---|
| Dec 05 | 6.55% |
| Jun 06 | 6.53% |
| Dec 06 | 6.27% |
| Jun 07 | 6.51% |
| Dec 07 | 6.20% |
| Jun 08 | 6.25% |
| Dec 08 | 5.39% |
| Jun 09 | 6.07% |
| Dec 09 | 6.68% |
| Jun 10 | 7.41% |
| Dec 10 | 5.46% |
| Feb 11 | 1.511% |
| Year | Value |
|---|---|
| Dec 11 | 6.57% |
| Jun 12 | 5.29% |
| Dec 12 | 5.65% |
| Jun 13 | 5.75% |
| Dec 13 | 5.50% |
| Jun 14 | 5.50% |
| Dec 14 | 5.75% |
| Jun 15 | 5.75% |
| Dec 15 | 5.75% |
| Jun 16 | 5.75% |
| Dec 16 | 5.85% |
1 Further capital distribution paid during this quarter
Analyst Coverage
Governance
Board of Directors
Tariq Bin Hendi, Executive Vice President and Head of Products & Advisory, Emirates NBD Group
Tariq is currently an Executive Vice President and the Head of Products & Advisory at Emirates NBD Group, having previously served as the CEO of Emirates NBD Asset Management. He has over 18 years of experience, with a primary focus on asset management, private equity and investment banking. Prior to his current role, Tariq held various roles at Commercial Bank of Dubai, Mubadala, Citigroup, Dubai Holding, Delta Airlines and UPS. He holds a PhD in Labour Economics from Imperial College London (UK) as well as degrees from Columbia University (USA), London Business School (UK), and Clayton State (USA).
Khalid Al Fahim, Director
Khalid has over 15 years of professional experience in management and board advisory, and has been an active member of various organisations and industries in the UAE, including Al Fahim Group (UAE), where he has held offices from business development to council member and executive management, most recently sitting as an advisor to the Board since 2012. He also represents the Group as a director of a number of its subsidiaries and affiliated companies. From 2010 to 2012, Khalid served as an Executive Director of Dubai Pearl. In 2007 he joined the UAE Professional Football League Assessment Committee and was later appointed to the first Board of the UAE Professional League. He is a partner of Quintessentially, the leading luxury lifestyle and concierge group, in Abu Dhabi, and since 2009 has served as a Director of the philanthropic Abdul Jalil Al Fahim & Family Endowment. Khalid holds a degree in Business Administration from the American Intercontinental University in London and a Master's degree in Diplomacy from the University of Westminster, London.
Ali Rashid Humaid Al Mazroei, Director
Ali is Group Director and CFO at Bahri & Mazroei Group, a diversified investment group established in 1968. Prior to this, Ali worked at Citibank N.A where he held various positions at the regional and country level including TMEA Business Planning & Analysis Head, UAE Regulatory Head, and Director of Citi Business. He is a Board Member of Dubai Financial Market (DFM) since 2010, Emirates Investment & Development PSC since 2008, and National Bonds since 2011. Ali holds an MBA from Southern New Hampshire University and Bachelor of Business Administration from American University in Dubai.
Mark Creasey, Director
In addition to his position on the Board of ENBD REIT, Mark sits on the boards of a number of other conventional and Shari'a compliant structures, investing in Commercial and Residential Real Estate; Private Equity; and UK, European, African and MENA securities. His other board positions include Duet Asset Management, Castle Trust, Abris, Bridport and Standard Bank. Mark has over twenty five years' experience in the finance sector covering Audit, Finance, Banking and Funds, with his most recent focus on Funds Services. From 2011 to 2015 he was Client Director, Funds Services Division at JTC Group, having previously spent six years as Director, Client Relationship Management at Standard Bank in Jersey (UK). He is a Fellow of the Chartered Association of Certified Accountants and a Member of the Securities Institute.
Committees
Investment Committee
Khalid Al Fahim
Khalid has over 15 years of professional experience in management and board advisory, and has been an active member of various organisations and industries in the UAE, including Al Fahim Group (UAE), where he has held offices from business development to council member and executive management, most recently sitting as an advisor to the Board since 2012. He also represents the Group as a director of a number of its subsidiaries and affiliated companies. From 2010 to 2012, Khalid served as an Executive Director of Dubai Pearl. In 2007 he joined the UAE Professional Football League Assessment Committee and was later appointed to the first Board of the UAE Professional League. He is a partner of Quintessentially, the leading luxury lifestyle and concierge group, in Abu Dhabi, and since 2009 has served as a Director of the philanthropic Abdul Jalil Al Fahim & Family Endowment. Khalid holds a degree in Business Administration from the American Intercontinental University in London and a Master's degree in Diplomacy from the University of Westminster, London.
Sophie Llewellyn
Sophie has more than 22 years' real estate experience, 18 of which have been spent working in the Middle East and North Africa. She is Head of Asset Management for Shopping Malls at Majid Al Futtaim Properties, where her responsibilities include leadership of the strategic vision and direction to drive value in the operating portfolio as well as providing advice on investment and development feasibility for future projects. Prior to joining Majid Al Futtaim Sophie worked for a number of companies, including CB Richard Ellis where she was initially in London and then worked across their MENEA markets, specialising in Valuation and Development advisory. She is a founding Board Member of the UAE National Association and was previously Vice Chair of the MEA RICS World Regional Board. Sophie currently serves as MEA Representative on the RICS Governing Council.
Christopher Seymour
Christopher is Head of Markets and Regional Development Director Middle East and South Asia at Mott MacDonald. In addition to his role on ENBD REIT's Investment Committee he is Co-Chairman of the Middle East Council for Offices, offering strategic advice on procurement, investment and development management. He is also a member of the RICS MENAT Market Advisory Panel, advising clients on strategy, risk, and major asset investments. Christopher has over twenty five years' experience in property and construction, including ten years with the Arcadis group of companies where he was an equity partner with EC Harris. In the last seven years he has worked in most of the Middle East's major cities, specializing in the commercial, retail, hospitality and infrastructure sectors. Christopher holds a Bachelor of Science degree and is a Fellow of the Royal Institution of Chartered Surveyors (FRICS).
Oversight Committee
Abdulla Mohammed Al Awar, CEO, Dubai Islamic Economic Development Centre
Abdulla is CEO of the Dubai Islamic Economy Development Centre (DIEDC), with responsibility for delivering the 'Dubai: Capital of Islamic Economy' strategy. Prior to his role at DIEDC he was CEO of Dubai International Financial Centre (DIFC) from 2009 to 2012. Under his leadership, DIFC was ranked the region's leading financial centre from 2009 to 2012, with average year-on-year client growth of 13%. Abdulla has served as member of several committees and boards including the Economic Committee of the Executive Council of Dubai, Dubai Free Zones Council, Bourse Dubai and the Emirates Real Estate Fund Limited (Jersey). He holds a Bachelor of Science degree in Business Administration from the University of Colorado (USA) and is a graduate of the Mohammed Bin Rashid Program for Leadership Development, conducted in affiliation with Cranfield University (UK), IMD and INSEAD.
Hari Bhambra, Senior Partner, Praesidium
Hari has a track record of over 15 years in the Financial Services sector, working on both the industry and regulatory side in the UK and UAE. She currently heads Praesidium, a bespoke regulatory and client advisory firm in Dubai. Hari has worked for the Financial Services Authority (FSA) in London, where she supported the drafting of financial regulations, having begun her career at Goldman Sachs, where she was responsible for implementing and monitoring FSA systems and controls on behalf of the bank. Before setting up Praesidium, she was part of the development team that created the Dubai Financial Services Authority (DFSA) in the Dubai International Financial Centre (DIFC) free zone. Hari had a key role in the development of the DFSA's 'Shari'a Systems' model for the regulation of Islamic Finance. She has worked on a number of DIFC Domestic Funds and has facilitated the establishment and launch of funds in the Centre, specifically Exempt and Qualified Investor Funds. Hari has authored numerous articles and contributed to a number of books published on the subject of regulation. She holds an LLM and LLB in Law.
James Anderson, Chief Financial Officer, Emirates Food Industries
James has been Chief Financial Officer (CFO) at Emirates Food Industries since 2016 where he plays a key role in driving forward the strategy and performance of the group. Prior to this he was CFO at Emirates REIT Management (Private) Limited for three years (2013-2016). He has significant experience preparing companies for IPO and has worked closely with both large and SME organisations at Board level. While at Emirates REIT James raised over $200 million from GCC and UK investors on a Nasdaq Dubai listing and led multiple financing transactions, raising over $300 million to fund acquisitions and the growth of REIT. He holds a Bachelor of Science Honours in Biochemistry from Liverpool University. James also has qualifications from the Institute of Chartered Accounts England and Wales (ACA) and the Chartered Institute for Securities and Investments (FCISI).
Shari'a Board
Dr. Mohamed Ali Elgari, Chairman
Dr. Mohamed Ali Elgari is a Professor of Islamic Economics and the former Director of the Centre for Research in Islamic Economics at King Abdul Aziz University in Saudi Arabia. He is a member on the editorial board of several academic publications in the field of Islamic Finance and Jurisprudence. He is also an advisor to numerous Islamic financial institutions including the Shariah Board of the Dow Jones Islamic Index.
Dr. Mohd Daud Bakar, Executive Member
Dr. Mohd Daud Bakar is the Chairman of Amanie Group and was previously the Deputy Vice-Chancellor at the International Islamic University Malaysia. He is currently the Chairman of the Shariah Advisory Council at the Central Bank of Malaysia, the Securities Commission of Malaysia, and the Shariah Supervisory Board of the International Islamic Liquidity Management Corporation. He is also the Shariah board member of the Dow Jones Islamic Market Index, Muzn Islamic Banking (Oman), BNP Paribas (Bahrain), Morgan Stanley (Dubai), amongst others.
Dr. Muhammad Amin Ali Qattan
Dr. Muhammad Amin Ali Qattan is currently Director of Islamic Economics Unit, Centre of Excellence in Management at Kuwait University. He also serves as the Shariah advisor to many institutions including S&P's Shariah Indices, Al Fajer Retakaful, among others. Dr. Qattan holds a PhD in Islamic Banking from Birmingham University, UK.
Dr. Osama Al Dereai
Dr. Osama Al Dereai is a renewed Shariah scholar and experiences lecturer, researcher and consultant in the field of Islamic Finance. He is a Shariah board member of various financial institutions which include the First Leasing Company, Barwa Bank, First Investment Company and Ghanim Al Saad Group of Companies. He holds a PhD in Islamic Transactions from University of Malaysia.
Management
Management
Anthony Taylor, Head of Real Estate
Anthony has over ten years' experience within the institutional real estate market. He was appointed Head of Real Estate in 2018 having previously been Fund Manager, Real Estate at Emirates NBD Asset Management since 2012. He has had a key part in building ENBD REIT's institutional portfolio and its subsequent listing on the Nasdaq Dubai in March 2017. Prior to Emirates NBD Asset Management, Anthony was an Asset Manager at Public Investment Corporation (South Africa) managers to Africa's largest government pension fund, and prior to that a Professional Valuer at Old Mutual Properties (South Africa). He is a Member of the Royal Institution of Chartered Surveyors (MRICS), a registered valuer and holds Bachelor of Science Honours in Property Studies from the University of Cape Town, South Africa
Asif Siddique, Chief Financial Officer
Asif has been CFO of ENBD REIT since listing, having been with the business since 2012. He has played a key role in improving the REIT's efficiency and productivity, introducing new budgets and management information packs, streamlining provisions and growing profitability. Before joining Emirates NBD Asset Management, Asif was Assistant Financial Controller at Abu Dhabi Investment House, Clearing & Settlement Accountant at National Bank of Abu Dhabi Securities and an Audit Trainee at Amin & Company Chartered Accountants. He is a certified Chartered Accountant (Fellow of ACCA), a United Arab Emirates Chartered Accountant (Member of UAECA) and holds a Bachelor degree in Business Administration.
Julia Ward-Osseiran, Investor Relations Officer
Julia has been the Investor Relations Officer for ENBD REIT since listing, having been Senior Manager, Institutional Sales & Sales Support at Emirates NBD Asset Management since 2011. In this role she had responsibility for raising assets under management from Emirates NBD's Corporate and Private Banking divisions, as well as from institutional clients in UAE, Oman, Kuwait, Bahrain and Qatar. Before joining the Emirates NBD Asset Management team, Julia was Vice President, Sales & Distribution at Algebra Capital for four years until their 100% acquisition by Franklin Templeton in 2011. Prior to that she spent four years at Dubai-based SHUAA Capital, where she was Vice President, Sales before becoming Senior Vice President, Head of Institutional Sales, Asset Management. Julia holds the International Certificate in Investor Relations, as well as a Management Accountancy certificate from the Chartered Institute of Management Accountants (CIMA) and a BA (Hons) in French from the University of Nottingham (UK).
Jonathan McGloin, Transactions Manager
Jonathan joined the EREF team as Transactions Manager in 2015. Before joining Emirates NBD Asset Management Limited he was Associate Partner, Commercial Leasing at Knight Frank UAE, Associate Director, Professional Services at Cluttons Middle East in Bahrain and Investment Surveyor, Professional Services at Tudor Toone in London. Jonathan has been a qualified Chartered Surveyor since 2010, with nine years commercial real estate experience, of which seven have been spent in the Middle East. He holds an MSc in Real Estate Finance & Investment from the University of Reading (UK) and a Bachelor of Arts (Hons) in Management Studies from the University of Leeds (UK). He is a Member of the Royal Institution of Chartered Surveyors (MRICS).
Melanie Fernandes, Senior Portfolio Manager, Real Estate
Melanie has been Asset Manager since 2014. She focuses on real estate asset budgeting and leasing, manages relationships with the facility management and tenants and is responsible for the marketing of properties for lease. Melanie also conducts market analysis, property inspection and monitoring, and the ongoing development and improvement of ENBD REIT's properties.
Melini Dsouza, Operations Manager
Melini has been associated with Emirates NBD for over 15 years. During this time, she has served in various operational environments from branch operations, to asset management and most recently real estate. Aside her normal duties of managing settlements for the Emirates NBD Asset Management suite of funds, she has also played a key role in setting up ENBD REIT's operational framework, including the implementation of the property management system. Her focus is on ensuring a robust infrastructure for Real Estate operations with the objective of mitigating any ensuing risks that may arise. Melini is a commerce graduate and has attended Emirates NBD's Certified Associate Program as well as the International Leadership Management Program, run by Zayed University (UAE). She is an associate member of the Chartered Institute for Securities & Investment (UK) and a Certified Anti-Money Laundering Specialist with the Association of Certified Anti-Money Laundering Specialists.
Real Estate Team
Results and Reports
Share Buyback Updates
Financial Information
Annual Reports
Financial Statements
Interim Financial Statements
30th September 2018
Annual General Meetings (AGM)
- 03rd June 2018
- 26th September 2017
General Meetings (GM)
- 27th November 2018
Factsheet
Quarterly Updates
Quarterly Investor Presentations
Quarterly Investor Calls
31st December 2018
30th September 2018
30th June 2018
31st March 2018
31st December 2017
30th September 2017
30th June 2017
Historic performance
Before listing on Nasdaq Dubai in 2017, ENBD REIT's predecessor, Emirates Real Estate Fund, delivered cumulative returns and consistently distributed dividends throughout market fluctuations, as shown below.
Performance History - EREF
Before listing on Nasdaq Dubai in 2017, ENBD REIT's predecessor, Emirates Real Estate Fund, delivered cumulative returns and consistently distributed dividends throughout market fluctuations, as shown below.
*Source: Emirates NBD AM, A Share Class, bid to bid, USD terms with net income reinvested including capital distribution
Fund performance*
| 12 month return | 4.80% |
| 24 month return | 13.06% |
| 36 month return | 29.65% |
| 48 month return | 44.59% |
| 60 month return | 57.46% |
| Since Inception | 32.11% |
*Source: Emirates NBD AM, Emirates Real Estate Fund A Share Class, bid to bid, USD terms with net income reinvested including capital distribution, as at 30th September 2016.
Prospectus
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