Dubai, United Arab Emirates, 16 January 2018: ENBD REIT (CEIC) Limited (“ENBD REIT”), the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced that Tim Rose will step down as Head of Real Estate at Emirates NBD Asset Management, handing over the top position to Anthony Taylor. Tim was Head of Real Estate at ENBD REIT (previously Emirates Real Estate Fund) since 2011, during which time the fund consistently delivered positive returns, culminating in ENBD REIT’s IPO in March 2017. Anthony has been a Fund Manager within the real estate team and Tim’s deputy since 2013, when he joined the firm.
Commenting on the handover, Tariq Bin Hendi, Chairman of ENBD REIT, said:
“We are sorry to see Tim leave after 7 successful years as Head of Real Estate, and wish him the very best for the next chapter of his career in his home country of New Zealand. During his tenure, ENBD REIT delivered strong and positive returns to investors. Tim played a crucial part in repositioning the portfolio through a series of strategic disposals and acquisitions, which facilitated ENBD REIT’s successful listing on Nasdaq Dubai in 2017. He leaves behind a legacy of growth, and we are pleased to congratulate Anthony Taylor in taking over his role. As Tim’s natural successor, we have every expectation that he will continue to build on the strong foundations of Tim’s leadership.”
Anthony’s longer-term vision for ENBD REIT is to continue to grow its equity, with a target of becoming a USD 1 billion REIT in the coming years. The short-term focus for ENBD REIT in 2018 is to enhance shareholder returns, through further portfolio acquisitions, reaching an optimal Loan-to-Value (LTV) ratio of 45%, while continuing to improve and maintain occupancy rates across properties. As Emirates NBD Asset Management’s Head of Real Estate, Anthony will work on mitigating risk in the portfolio by securing income from longer term leases and diversifying holdings across real estate sectors while maintaining an efficient cost structure. Meanwhile, ENBD REIT will continue to strive to be at the forefront of international best practice standards of corporate governance.
Before joining ENBD REIT, Anthony Taylor was a real estate portfolio manager at the Public Investment Corporation in South Africa, having previously been a registered valuer at Old Mutual Properties. He is a Member of the Royal Institution of Chartered Surveyors (MRICS), a Professional Associated Valuer and holds Bachelor of Science Honours in Property Studies from the University of Cape Town.
In the second half of 2017, ENBD REIT completed a series of acquisitions that saw the portfolio grow in terms of both size and diversity. These included The Edge office building in Dubai Internet City, South View School in Dubai’s Remraam community and the Souq Extra Phase 1 community centre in Dubai Silicon Oasis. As at 26th December 2017, the total value of ENBD REIT’s property portfolio stood at USD 466 million with a Loan-to-Value (LTV) ratio of 36%. The portfolio comprises 11 properties.
