ENBD REIT confirms share repurchases during first phase of share buy-back programme
Dubai, United Arab Emirates, Sunday 7 April 2019:ENBD REIT (CEIC) PLC (“ENBD REIT”), the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, today announced that it has repurchased 3,250,000 of its shares at an average price of USD 0.595 for a total amount of USD 1,934,636 in the period from 21st February 2019 to 31st March 2019.
As at 31st March 2019, the REIT has purchased an aggregate of 3,250,000 shares as part of its previously announced share buy-back programme to repurchase 4,401,340 shares by 30th September 2019. The repurchased shares to date have been cancelled. ENBD REIT has allocated up to USD 3.5 million for the programme. The buy-back programme will be kept on hold during ENBD REIT’s close period, from 1st April 2019 until the announcement of its full year results.
Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management, said:
“We are pleased to have completed the first portion of our share buy-back programme and look forward to resuming trading activity after the close period in order to realise value for all shareholders.”
On 29th January 2019, ENBD REIT announced a NAV of USD 284 million, or USD 1.11 per share. The REIT’s portfolio maintained a stable blended occupancy of 88%, with gross yield on the portfolio at 8.3%. The total property portfolio value stands at USD 456 million (AED 1.7 billion), with diverse holdings covering 11 properties across the office, residential and alternative real estate sectors.