{"id":5080,"date":"2016-02-17T23:43:07","date_gmt":"2016-02-17T16:43:07","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=5080"},"modified":"2016-02-17T21:11:36","modified_gmt":"2016-02-17T14:11:36","slug":"emirates-reit-decides-it-is-time-to-buy-low-as-dubai-market-softens","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emirates-reit-decides-it-is-time-to-buy-low-as-dubai-market-softens\/","title":{"rendered":"Emirates Reit decides it is time to buy low as Dubai market softens"},"content":{"rendered":"


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\nThe UAE’s only quoted real estate investment trust, Emirates Reit, has increased its borrowings to capitalise on a softening in the Dubai market this year.The Nasdaq Dubai-listed Emirates Reit said that it had increased its Islamic financing facilities by US$123 million last year in an attempt to buy more buildings as the Dubai real estate market continues to soften.The new borrowings come on top of ongoing loans of $19.1 million, increasing the com\u00adpany’s total Islamic financing to about $257.3m.
\nEmirates Reit said that, despite a slowing of rents in Dubai, income from its property portfolio of high-profile Dubai offices, shops and schools increased last year by 12.4 per cent to about $41.5m.Net profit for the year rose 26.7 per cent to stand at $61.5m, it said.The company said that the value of its portfolio increased 17 per cent over the year to $673.2m, mostly because of valuation increases of $53.2m, construction progress at its Jebel Ali school and a fit-out and leasing of some floors at its Index Tower office complex.
\n“Looking ahead, while we are facing a more volatile and challenging macroeconomic outlook, we remain optimistic of our continued ability to deliver consistent shareholder returns,” said Sylvain Vieujot, the executive deputy chairman of Emirates Reit.”Our borrowing capability places us in a strong position to capitalise on cyclical market conditions for the execution of our acquisition strategy.”The news came as the property broker Cluttons reported that office rents in 13 of the 22 submarkets it analyses in Dubai remained flat last year. “In the face of a softening global economic backdrop, occupiers remain cost-conscious and budget-driven, with the key word for many being prudence,” said Paula Walshe, the head of international corporate services at Cluttons.
\n“Landlords, by contrast, appear to be slow to react to the cooling market, with many reluctant to move on asking prices and others demonstrating a lack of flexibility for lease terms at renewal. “The emerging gulf between market reality and landlords’ expectations is a concern, particularly for a market that is starting to show signs of maturity.”Emirates Reit was created in the 2010 trough of the Dubai property market and became the first Sharia-compliant Reit to be incorporated at the Dubai International Financial Centre. Its first purchase was Building 24 in Dubai Internet City.
\nSince then it has acquired a portfolio of eight properties in Dubai. These include the Index Tower in DIFC, Le Grande Commun\u00adity Mall in Dubai Marina, Gems World Academy in Al Barsha South, the Office Park commercial building in Knowledge Village, a cluster of three loft offices in Media City and the under-construction Jebel Ali school in Akoya.lbarnard@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Emirates Reit decides it is time to buy low as Dubai market softens<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The UAE’s only quoted real estate investment trust, Emirates Reit, has increased its borrowings...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-5080","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-1jW","jetpack-related-posts":[{"id":11428,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/first-quarter-profit-rises-at-emirates-reit\/","url_meta":{"origin":5080,"position":0},"title":"First-quarter profit rises at Emirates Reit","date":"April 26, 2016","format":false,"excerpt":"\r First-quarter profit at the UAE's only quoted real estate investment trust, Emirates Reit, rose by more than half as the company netted rents from newly refurbished floors at Index Tower and its currently under-construction school in Akoya.In a company filing to Nasdaq Dubai, Emirates Reit reported that net profit\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":50073,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emirates-reit-property-portfolio-holds-steady-even-as-dubai-values-fall\/","url_meta":{"origin":5080,"position":1},"title":"Emirates Reit property portfolio holds steady even as Dubai values fall","date":"March 29, 2017","format":false,"excerpt":"\r The value of the Emirates Reit property portfolio remained at US$753 million at the end of February, despite widespread declines in values on the Dubai property market.In a monthly update Emirates Reit, the UAE's first listed real estate investment trust, announced that the portfolio's value remained the same as\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23057,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emirates-reit-profit-falls-63-per-cent-on-low-investment-valuations\/","url_meta":{"origin":5080,"position":2},"title":"Emirates Reit profit falls 63 per cent on low investment valuations","date":"August 16, 2016","format":false,"excerpt":"\r Profits at the UAE's only quoted real estate investment trust fell in the second quarter of 2016 as capital values for Dubai offices slowed.Emirates Reit''s profits for the three months to the end of June fell 63 per cent to US$9.4 million, down from the $26m it made during\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23097,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emirates-reit-rising-rent-income-defies-slow-commercial-market\/","url_meta":{"origin":5080,"position":3},"title":"Emirates Reit rising rent income defies slow commercial market","date":"August 16, 2016","format":false,"excerpt":"\r Rental income from the \u00adDubai offices, shops and schools owned by Emirates Reit jumped by more than 25 per cent in the second quarter of the year as occupancy levels rose despite a slowing commercial property market.The UAE's only quoted real estate investment trust reported that the income it\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":45718,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emirates-reit-reports-lower-profit-as-value-of-portfolio-matures\/","url_meta":{"origin":5080,"position":4},"title":"Emirates Reit reports lower profit as value of portfolio matures","date":"February 27, 2017","format":false,"excerpt":"\r Emirates Reit has reported a 22 per cent drop in profit for 2016 to US$47.8m compared with $61.5m a year earlier, mainly because gains in the value of its property portfolio were not as high in 2015.Overall, the company recorded a 22 per cent increase in total income from\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":32409,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emirates-reit-reports-rise-in-profit-from-higher-occupancy\/","url_meta":{"origin":5080,"position":5},"title":"Emirates Reit reports rise in profit from higher occupancy","date":"October 31, 2016","format":false,"excerpt":"\r Third-quarter net profit at Emirates Reit edged up 4 per cent compared with a year earlier as the UAE's only listed real estate investment trust pushed up occupancy levels despite a slowing Dubai office market.Emirates Reit, which owns and operates a portfolio of nine office and school buildings in\u2026","rel":"","context":"In "Property 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