Dubai-based asset manager says demand for affordable properties behind rise in occupancy
Emirates NBD real estate investment trust says property occupancy rose in the third quarter
ENBD REIT, the Dh1.6 billion Sharia'a-compliant real estate investment trust managed by Emirates NBD Asset Management Limited, said that occupancy in the properties that they manage saw growth in the third quarter of this year compared to the same period last year due to an increase in demand for affordable office and residential units.
“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," said Anthony Taylor, a real-estate fund manager at Emirates NBD Asset Management.
"Our proactive asset management philosophy has directly benefited tenants, which has supported improved occupancy. Tenants can clearly see the benefit of leasing premises owned and managed by ENBD REIT, because they are situated in high quality buildings, where a high level of service is delivered by the facilities management provider. Competitive lease terms and added incentives have also been important for boosting occupancy across the portfolio.”
The real estate investment trust highlighted Binghatti Terraces, an affordable residential building in Dubai Silicon Oasis, which reached 88 per cent occupancy this quarter compared to 70 per cent at the end of the September 2017. The funds two Dubai Healthcare City (DHCC) properties also saw an increase in occupancy to 92 per cent in the third quarter from 85 per cent for DHCC 25 and from 83 per cent for DHCC 49 in the third quarter of last year, the fund said.