Trading in shares of ENBD REIT began Thursday, following its $105 million initial public offering (IPO) on Nasdaq Dubai.
Shariah-compliant ENBD REIT, managed by Emirates NBD Asset Management, began at a revised price of $1.17, up from the offer price of $1.11 per ordinary share.
ENBD REIT issued 94.6 million shares to institutional investors. It said the offer, priced at 7.5 percent discount to net asset value, was oversubscribed.
“Our primary investment objective is to generate attractive income returns and capital appreciation from real estate assets,” Anthony Taylor, fund manager (real estate) at Emirates NBD Asset Management, said in a statement.
“We are targeting opportunities that offer net yields in line with, or greater than, previously achieved returns. We manage our assets with a focus on enhancing their value, and we have a pipeline of attractive acquisition opportunities that will further diversify our portfolio and allow us to benefit from economies of scale,” he added.
ENBD REIT’s investment properties were independently valued at approximately $314 million as on September 30, 2016, with total assets at approximately $426.2 million.
Adjusted net asset value was approximately $191.8 million at the end of last year.
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