Portfolio gains net Emirates Reit $27.1m

All-round gains from its portfolio helped Emirates Reit to $27.1 million in earnings before interest, tax and depreciation (Ebitda) in the first nine months, a gain of 28 per cent from a year ago.

This was led by the fund’s “recent acquisitions in the commercial and education sectors, including the European Business Centre and the Lycée Français Jean Mermoz”, as well as an increase in rental income from commercial lease-up at Index Tower.

The Emirates Reit’s portfolio value is now at Dh3.36 billion ($915 million), according to a statement from Equitativa.

‘Resilient performance’

According to Sylvain Vieujot, Group Chairman of Equitativa, “The growth in property income and record high Ebitda highlights our resilient performance in a challenging market. We believe this market presents some attractive buying opportunities and are actively preparing further acquisitions.”

Property income grew 19 per cent year-on-year to $52.1 million for the ninemonth period. Net asset value at the end of September stood at $1.76 a share, while the total annualized return was 8 per cent.