Emirates NBD REIT yesterday reported net asset value of $165.6 million (about AED 607.7 million) for the first quarter of the fiscal year ending June 30, 2022, compared to $166.9 million (AED 612.5 million) in the previous quarter.

The company, an Islamic real estate investment fund managed by Emirates NBD Asset Management Ltd, explained that it was five million dollars (18.35 million dirhams), excluding the impact of a dividend payable to shareholders in July. ), net asset value increased by 2.3%, supported by positive first quarter valuation results from the second quarter of 2018, reflecting growth in leasing activities across the entire portfolio and improving real estate market conditions.

The management team has continued to successfully improve portfolio occupancy from 80% at the end of last financial year to 83% and 75% in the same period of the previous year, the company said in a statement. An active leasing strategy has led some residential properties to reach 100% occupancy, while office properties have improved to 75% occupancy, and is expected after the completion of renovation work on Al Durai Tower 1, the emirate’s largest property. NBD (REIT).

“We are delighted to announce the portfolio’s first increase in valuation in four years,” said Anthony Taylor, head of real estate at Emirates NBD Asset Management.

“Efforts to improve property management and interactions with tenants over the past few years have begun to pay off across our entire property portfolio to deliver greater value,” he added.