Occupancy rises in ENBD Reit portfolio

ENBD Reit, the Shariah-compliant real estate investment trust (Reit) managed by Emirates NBD Asset Management, has announced strong occupancy growth during its third quarter across a number of its assets. Occupancy growth within the portfolio has been robust for ENBD Reit's affordable residential and office properties.

Binghatti Terraces, a residential building in Dubai Silicon Oasis, has reached 88 per cent occupancy so far this quarter, up from 70 per cent at the end of September 2017. The building generated close to 10 per cent of its rental income from retailers.

Other occupancy growth highlights include achieving 92 per cent occupancy in both Dubai Healthcare City properties.

Anthony Taylor, fund manager, real estate at Emirates NBD Asset Management, said: "ENBD Reit's portfolio occupancy growth thus far this quarter has been driven, in part, by strong demand for well-managed office space and affordable residential property in convenient locations. Our proactive asset management philosophy has directly benefited tenants, which has supported improved occupancy."

Source: Khaleej Times