Dubai, United Arab Emirates; 12 February 2018: ENBD REIT (CEIC) Limited (“ENBD REIT”), the Nasdaq Dubai-listed Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management, has confirmed that its under-development education asset, South View School, is on track and nearing completion. The school, which was acquired in August 2017, is on track to be fully operational by the start of the September academic year and has announced the appointment of two key staff members, Joanne Wells who has been appointed as Principal, and Hayley Lamb who will take on the role of Head of Primary.The South View School deal marked ENBD REIT’s first acquisition of an education asset as part of its strategy for diversifying its property portfolio into alternative real estate.
Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management, commented:
“We are very pleased to see the progress that has been made on this project. We added South View School to our portfolio in response to growing demand for high quality and affordable schools in the UAE, and we are happy to be addressing this need. South View School’s opening will have a direct and positive impact on the Remraam community, where we also hold a residential asset. With progress as it stands, the South View School team are looking forward to welcoming their first pupils this September.”
South View School will be operated by Interstar Education, part of Interstar Advisory Services. The property will be the advisory’s fifth Dubai campus, and its second British curriculum school. South View School will have the capacity to educate nearly 1,800 children starting from the FS1 level through to the 12th grade. The total gross floor area of the school is 132,000 sq. ft. on a plot covering 183,504 sq. ft.
PHOTO CAPTION - Left to Right: Amit Kothari, Executive Director of Interstar Education; Jonathan McGloin, Transaction Manager at ENBD REIT; Joanne Wells, Principal of South View School Dubai; Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management; Hayley Lamb, Head of Primary at South View School Dubai
Amit Kothari, Executive Director of Interstar Education, commented:
“Guided by the philosophy that high quality education must be accessible to all, we have invested in expanding our offering to provide the best educational services. Following our established Victory Heights Primary School, we aim to continue offering a premium education at an affordable fee structure. This is a key development for Interstar Education, and we are thrilled to see the nearly-completed structure. We look forward to reporting further on the operations in due course.”
Joanne Wells, Principal of South View School Dubai, commented:
“It is great to see that companies like ENBD REIT and Interstar Education have come together on the South View School project to provide high quality and affordable education to so many children. I look forward to working with them on creating an exceptional educational experience for all our pupils.”
Since its establishment in 2000, Interstar Education has provided schooling to 15,000 children across five campuses in the UAE and India. The Group runs two Delhi Private Schools in the UAE, and first entered the British curriculum with Wonder Years Nursery in Dubai Sports City. It has since established Victory Heights Primary School, which has enjoyed considerable success. ENBD REIT is a leading Shari’a compliant Real Estate Investment Trust, invested in properties across Dubai’s office, residential and alternative real estate asset classes. As at 31 December 2017, the Company’s Net Asset Value (NAV) was USD 300 million or USD 1.18 per share.
