Dubai, United Arab Emirates, 15th July 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 Ben Coombe is stepping down as Senior Portfolio Manager at ENBD REIT, after nearly ten years with the team. Ben will hand over the position to Melanie Fernandes. ENBD REIT has identified further staffing opportunities to build up its asset management team, in support of Melanie in her new role.
Commenting on the handover, Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management, said:
"Ben has been an immensely valuable member of the ENBD REIT team, and we are sorry to see him leave. However, we wish him and his family the very best as he relocates to his home country of New Zealand and thank him for his exceptional contribution to our business over the years. ENBD REIT will continue business as usual, having effectively planned for succession well in advance of Ben's departure. On this note, we congratulate Melanie on her promotion and wish her success as she continues to build on the strong foundation laid down by Ben"
Ben Coombe, Senior Portfolio Management at ENBD REIT, commented:
It was a hard decision to leave ENBD REIT after nearly ten years with the team, however, I wish the business all the success in the years ahead and look forward to watching as it continues to grow from strength to strength. I'd also like to wish Melanie the best of luck in her new role, in which I have no doubt she will perform admirably - her promotion is well deserved
Melanie Fernandes has over 25 years of experience in the UAE with Emirates NBD, of which the last ten years has been in Real Estate, with four years as a portfolio manager within the ENBD REIT management team. Prior to joining ENBD Asset Management, Melanie managed the property portfolio of Emirates NBD Properties that comprised units in iconic buildings such as Index Tower (DIFC), Limestone House (DIFC) as well as Residential, Commercial and Retail units in Dubai Motor City. Melanie has an MBA and is currently completing her Masters’ in Real Estate Investment Finance at Heriot Watt University (Dubai Campus).
ENBD REIT holds a total of 11 properties across Dubai's office, residential and alternative asset classes. As at 31st March 2018, the REIT’s total property portfolio value stood at USD 463 million, with a Net Asset Value (NAV) of USD 300 million or USD 1.18 per share, and total occupancy of 89%. ENBD REIT’s shares are traded on Nasdaq Dubai under ticker symbol 'ENBDREIT'.
