ENBD REIT Announces Offer Price of US$ 1.11 per Ordinary Share

Dubai, United Arab Emirates, 21 March 2017: ENBD REIT (CEIC) Limited ("ENBD REIT"), a Shari'a compliant real estate investment trust managed by Emirates NBD Asset Management Limited (the "Fund Manager"), has, following strong demand from GCC-based investors, set the price for the intended offer of its ordinary shares (the "Offer") at US$ 1.11 per ordinary share ("Offer Price"). The Offer was well over-subscribed, receiving a better than expected response from regional investors, leading to a pricing nearer to the midpoint, at approximately a 7.5% discount to net asset value (NAV). ENBD REIT intends to admit its shares to the Official List of Securities of the DFSA and to trading on Nasdaq Dubai ("Admission") on 23 March 2017.

The Offer

• ENBD REIT will issue 94,594,595 new shares to institutional investors at the Offer Price which represents approximately 37.2% of ENBD's REIT's issued share capital.
• Based on the Offer Price, ENBD REIT's total market capitalization at the time of Admission will be approximately US$ 282.4 million.
• Listing and trading to begin on Nasdaq Dubai on 23 March 2017.
• The net proceeds of the Offer will be approximately US$ 100.7 million (after the deduction of commissions and other fees payable by or on behalf of ENBD REIT in connection with the Offer). The Fund Manager intends to use the net proceeds raised to finance acquisitions of high quality, income-generating real estate assets and make improvements to existing properties as part of its active asset management strategy.
• Through leveraging its relationships, the Fund Manager has identified a significant pipeline of attractive acquisition opportunities in commercial and alternative real estate asset classes.
• Emirates NBD Capital Limited (EMCAP) and EFG Hermes UAE Limited are Joint Global Coordinators and Joint Bookrunners for the Offer, while EMCAP is also acting as Listing Advisor to ENBD REIT. SHUAA Capital psc is Co-Lead Manager for the Offer.

Tariq Bin Hendi, Director of ENBD REIT, said:

"The Offer of ENBD REIT's shares to trading on Nasdaq Dubai provides investors with the opportunity to invest in a leading real estate investment trust in the UAE with a high quality and diversified portfolio of income-generating assets in strategic locations across Dubai. ENBD REIT has demonstrated a strong track record of performance, consistent dividend distribution and a steady increase in NAV per share."

Anthony Taylor, Fund Manager, Real Estate, at Emirates NBD Asset Management, said:

"Our primary investment objective is to generate attractive income returns and capital appreciation from real estate assets. We are targeting opportunities that offer net yields in line with, or greater than, previously achieved returns. We manage our assets with a focus on enhancing their value, and we have a pipeline of attractive acquisition opportunities that will further diversify our portfolio and allow us to benefit from economies of scale."

ENBD REIT's investment properties were independently valued at approximately US$ 314 million as at 30 September 2016, with total assets at approximately US$ 426.2 million. Adjusted net asset value was approximately US$ 191.8 million as at 31 December 2016. The REIT has consistently made divided contributions since inception point, and paid a 5.8% dividend for the full year 2016.

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