Dubai, UAE, July 29th, 2020: Apex Group Ltd. (“Apex”), a global financial services provider, today announces its appointment by ENBD REIT (CEIC) PLC (“ENBD REIT”) to provide property-level accounting and reporting services for all 11 properties in the REIT's portfolio using Yardi® property management technology.
The property management and accounting software will allow ENBD REIT to complete a multitude of administrative tasks in a seamless manner through one system, streamlining everyday processes and reporting.
ENBD REIT has appointed Apex in recognition of its expertise in REIT fund administration, and its ability to provide independent property-level accounting and reporting services to the REIT's diverse real estate portfolio.
Ramesh Ketti, Head of Private Equity and Real Estate Operations, MENA at Apex Group Ltd. said: “We are pleased to announce the expansion of our relationship with ENBD REIT to include the provision of accounting and reporting services at the property level. This is recognition that the Yardi platform, combined with Apex's existing real estate capabilities and knowledge, allows us to provide best in class service and adds yet another layer of value to our clients.”
Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management, added: “We are always looking for strategies to improve efficiency, reduce costs and add value to our portfolio. We are delighted to partner with Apex in Dubai to introduce technology to support these goals. In a soft real estate market, it is more important than ever that we establish partnerships and employ technologies such as the Yardi platform to help us manage data and processes more efficiently, more accurately and more transparently. We have been impressed with Apex's depth of expertise in REIT and fund administration, along with their best in class technology capabilities.”
ENBD REIT is a closed-ended DIFC investment company, managed by Emirates NBD Asset Management Limited, and invests in a diversified portfolio of Shari'a-compliant, income generating real estate. Apex's relationship with software provider Yardi, announced earlier in 2020, has enhanced Apex's ability to provide independent property-level accounting and reporting to clients.
Rob Teel, Senior Vice President, Global Solutions at Yardi, said: “We are proud to be the property management software of choice for Apex, a company that demonstrates its commitment to the real estate market by providing clients with tools for success. Yardi Voyager®, which combines management and accounting in a single, powerful platform, was built with an emphasis on multifunctionality to support property investors in extracting value from their investments. We have no doubt ENBD REIT will save time and increase efficiency with Apex's property-level accounting and reporting services as powered by Yardi.”
