Thursday, June 22, 2017

ENBD REIT to distribute $9.7m interim dividend

ENBD REIT, a leading Shari’a compliant real estate investment trust in the UAE, will be paying an interim dividend of $9.71 million ($0.0382 per share) as its first dividend payment since listing on Nasdaq Dubai in March.

The Nasdaq Dubai-listed REIT said the payment will be only made to those investors who own shares in ENBD REIT before market close on July 2. The dividend record date will be July 5, said the statement from the company.

The dividend payment represents an annualised dividend yield of 7.13 per cent, based on ENBD REIT’s closing share price of $1.08 on June 21 and an annualized dividend yield on net asset value (NAV) per share of 6.6 per cent on the current NAV as of March 31. 

It is the intention of ENBD REIT to continue to distribute dividends to shareholders on a half-yearly basis, said a top official.

"The board of directors is pleased to announce ENBD REIT’s first dividend payment since the successful listing of our ordinary shares on Nasdaq Dubai in March," remarked its director Tariq Bin Hendi.

"In the period since listing, our management team have worked hard to deploy the capital raised by the transaction. We have already announced one successful acquisition, which has diversified our holdings into alternative asset classes, and we have a strong pipeline of further acquisitions, which we intend to be announcing soon," stated Bin Hendi. 

"We look forward to continuing to deliver strong returns to our shareholders," he added.

ENBD REIT has key investments in properties across Dubai’s office, residential, and alternative real estate asset classes. In March, the company successfully raised $105 million when it listed on Nasdaq Dubai.-TradeArabia News Service

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