Equitativa records 40% gain
Real estate fund net asset value climbs 30.5% to Dh1.3b
The Emirate REIT operator Equitativa recorded a net profit of Dh253.4 million from a 40 per cent gain for the first nine months of 2022. The boost was provided by higher rental income, at Dh189.8 million, up 13.2 per cent.
Of equal significance is the 30.5 per cent gain in net asset value to Dh1.32 billion, as Emirates REIT feels the benefits of value gains for its property portfolio.
The company is also simultaneously
going through a financial restructure, winning investor approval for an exchange of its unsecured $400 million certificates that are due to mature December 12. New certificates will be issued in their stead.
“Emirates REIT maintained
its robust growth trajectory during the first nine months of 2022, demonstrating the quality of our assets and our ability to generate value from the continued positive market conditions in the UAE,” said Thierry Leleu, CEO of Equitativa.