ENBD REIT Announces Interim Dividend Distribution

Press release

Published December 20th, 2020 - 10:39 GMT

ENBD REIT

Highlights

ENBD REIT has announced that its proposed reduction of share capital has been approved by the DIFC Courts

ENBD REIT (CEIC) PLC (“ENBD REIT”), the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced that its proposed reduction of share capital has been approved by the DIFC Courts, facilitating the distribution of its interim dividend to shareholders.

The interim dividend is USD 0.0194 per share or USD 4,850,000, as approved by the Board of Directors from the net rental income generated during the 6-month period. The dividend represents 80% of recurring net rental income to accommodate a cash reserve for navigating adverse market conditions as well as capital projects planned across the portfolio with the aim of improving occupancy and rental income in the future.

ENBD REIT’s shares will become ex-dividend on 22 December 2020, with the record date for the interim dividend set for 23 December 2020. The interim dividend will be paid to the REIT’s shareholders on 6 January 2021.

Background Information

ENBD REIT

ENBD REIT is a Real Estate Investment Trust established with the objective of generating a regular dividend income stream for investors, typically derived from income from investment properties, usually in the form of rent, with the additional opportunity for capital appreciation and increases in the value of the equity.

The Fund Manager, Emirates NBD Asset Management, is one of the leading asset managers in the GCC region with approximately US$4.2 billion assets under management as at 31st March 2017. It is a wholly owned subsidiary of Emirates NBD Bank PJSC, is based in the Dubai International Financial Centre (DIFC) and regulated by the Dubai Financial Services Authority (DFSA). The Fund Manager provides a wide range of investment solutions, from in-house managed funds to tailor-made discretionary solutions. It manages funds across a variety of asset classes, including MENA equity and global fixed income, global risk profiled solutions, real estate, and a wide range of Shari'a compliant instruments, structured to cater for diverse risk appetites.