Emirates REIT posts strong Q3 growth

The company's portfolio value crossed $845 million.
Emirates REIT said its portfolio value crossed the AED3 billion ($845 million) mark during the first nine months of 2017, following the acquisition of the European Business Centre in Dubai Investments Park.
By Tahani Karrar
Wed 01 Nov 2017 11:17 AM

Emirates REIT said its portfolio value crossed the AED3 billion ($845 million) mark during the first nine months of 2017, following the acquisition of the European Business Centre in Dubai Investments Park.

The portfolio value increased 13.9% from $741.6 million a year earlier while the net asset value increased to $1.73 per share, or $519.4 million from $1.60 per share or $480.7 million a year earlier.

Sylvain Vieujot, CEO of REIT manager Equitativa Dubai, said the positive results are a true testament to the strong fundamentals of the prime assets the company owns.

“With our recent acquisition of the European Business Centre, we saw our portfolio value cross AED 3 billion – another important milestone in the growth of the REIT.,” she added.

The period also marked the delivery of the British Columbia Canadian School, on budget and in less than a year, strengthening our track record in the education sector.

“We remain focused on maintaining the momentum across the business as we continue to explore acquisition opportunities that would further strengthen our portfolio to deliver maximum value for our shareholders,” said Vieujot.

Net profit for the first nine months of 2017 was $49.9 million, a year-on-year increase of 42.2%. Total occupancy across the portfolio reached 84% as at 30 September 2017, and the weighted average unexpired lease term was 7.7 years.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Last Updated: Wed 01 Nov 2017 12:37 PM GST

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.