ENBD REIT, the Shariah compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has confirmed it is considering selling an asset that accounts for more than 5 percent of its net value.
ENBD REIT said its management is working closely with the unnamed prospective buyer in respect to final terms and documentation prior to transfer.
Definitive documents will be agreed in due course. Further details of the transaction, including the proposed use of proceeds resulting from this proposed disposal, will be announced to the market following completion of the transaction, the company said in a statement on Thursday.
The company’s property portfolio stands at $360 million and net asset value equals $180 million, according to the results released in June.
ENBD REIT revised its valuation policy for the financial year 2021-2022 onwards. The REIT will conduct a tender process from a pre-qualified list of valuers ahead of its next valuation cycle.
It said occupancy in the portfolio remained healthy, with management providing a range of solutions to support tenants in genuine financial distress in order to secure income.
ENBD REIT added it renewed Oracle at the Edge building, the company’s largest tenant, for another five-year term.
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