Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Emirates Reit H1 net profits surges 194  Join our daily free Newsletter

MENAFN - Khaleej Times - 24/07/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Irates Reit (CEIC) Limited on Wednesday announced that its net profit jumped by 194 per cent to 34.Emirates Reit is the first Shariah-compliant regulated real estate investment trust incorporated in the Dubai International Financial Centre. It’s managed by Emirates Reit Management (Private) Limited or Reit Manager. The company said its portfolio value increased by more than 73 per cent to 559.65 million or Dh2.06 billion from 323.13 million or Dh1.19 billion at the end of 2013.

Abdulla Al Hamli chairman of the Reit Manager said: “In just a few months we delivered what we have promised our shareholders; using the net proceeds to increase the size of the portfolio. The two acquisitions demonstrate that there are still significant opportunities within the Dubai market to invest at attractive prices in prime buildings which offer substantial growth. We will continue to work on our sizeable acquisition pipeline located mainly in Dubai and across all commercial sectors.”

Since the listing in April Emirates Reit used the net proceeds of the IPO to fund two successful acquisitions. In May the REIT acquired Le Grande Community Mall for Dh118.2 million. Le Grande consists of 22 individual retail and food and beverage units on the ground and podium floors as well as 161 basement car park spaces. Located in the Marina area one of the most popular areas of new Dubai the retail units have good occupancy rates and strong yields.

In June the Reit entered into an agreement with Emirates NBD Properties to acquire offices and 706 car parking spaces in the DIFC’s Index Tower for a cash consideration of approximately Dh613.4 million. With these acquisitions Emirates Reit’s property portfolio grew to 11 properties within Dubai. Excluding the Index Tower assets the overall occupancy increased from 93 per cent as at 31 December 2013 to 97 per cent as at end of June 2014 and the total passing income increased from Dh110 million to Dh129 million.

Sylvain Vieujot executive deputy chairman of the Reit Manager said the first six months of 2014 were marked with milestones.

“We continued to grow our portfolio adding prime assets in strategic locations whilst we launched our successful IPO. We are confident that demand for commercial property in Dubai will continue to grow. With our ability to add significant value through a professional management of the portfolio we aim to continue to maximise the value for our shareholders.”

— abdulbasitkhaleejtimes.com

 


Khaleej Times




  MENA News Headlines
 Sep 20 2014 - Syrian Kurds fleeing to Turkey pass 45000-markArab News
(MENAFN - Arab News) SURUC Turkey: Tens of thousands of Syrian Kurds have crossed into Turkey in the past 24 hours fleeing an advance by Islamic State fighters who have seized dozens of villages ...

 Sep 20 2014 - Yemen TV building on fire as clashes continue in capitalArab News
(MENAFN - Arab News) SANAA: Yemen's state-run television building caught fire after a three-day mortar attack by Shiite rebels who are protesting against the government residents and a TV employee ...

 Sep 20 2014 - Saudi- Jubail airport handles first civilian flightArab News
(MENAFN - Arab News) The first civilian aircraft landed at Jubail airport on Thursday morning marking its transformation from a purely military facility.The General Authority of Civil Aviation (GACA) ...

 Sep 20 2014 - Saudi- Four held for stealing money carsArab News
(MENAFN - Arab News) Jubail police have arrested four young men who stole money from a company's safe and four vehicles from a car rental firm. They used the cars for drifting.Col. Ziad Al-Ruqaiti ...

 Sep 20 2014 - Saudi- Factories ignore safety rulesArab News
(MENAFN - Arab News) Many factories and workshops in the Kingdom do not abide by safety and security standards to protect their buildings against fires. Such factories also do not maintain their air ...

 Sep 20 2014 - Saudi- Preparations for pilgrims in Madinah completeArab News
(MENAFN - Arab News) Madinah Mayor Khaled Taher said that the municipality's preparations for this year's Haj have been completed as scheduled. The municipality's action plan aims at offering ...

 Sep 20 2014 - Saudi- 1000 Mozambicans to arrive next weekArab News
(MENAFN - Arab News) Some 1000 pilgrims from Mozambique will arrive in Jeddah for this year's Haj in three separate groups according to Mozambican Ambassador Cesar Gouveia.'I'll be traveling to ...

 Sep 20 2014 - Saudi- Security agencies ready for any situation during HajArab News
(MENAFN - Arab News) Security and government agencies responsible for pilgrims' welfare during Haj are fully equipped to tackle any disaster including a helicopter ambulance and doctors linked with ...

 Sep 20 2014 - Saudi- Women investors beat men in stock marketArab News
(MENAFN - Arab News) The number of Saudi women investors in the stock market has grown by 5 percent while men investors increased by 2 percent over the first half of this year.There are now 892900 ...

 Sep 20 2014 - With 4.2m links 47m clips IS rules cyberspaceArab News
(MENAFN - Arab News) A 44-page search result by the search engine Google has revealed 4.2 million links and counting of Arabic websites newspapers and social networking sites in reference to ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help