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Equitativa, the largest REIT (real estate investment trust) manager in the GCC, announced that its main unit, Emirates REIT, reported healthy results in the first three months of the fiscal year ending March 31, 2023, with its net asset value (NAV) soaring An increase of 21% year-on-year, to close at 380 million US dollars.
An Equitativa statement said its occupancy rate across UAE REITs was 84% ​​as of March 31, as demand for the REIT’s portfolio of prime commercial and retail assets remained strong.
On a year-over-year basis (excluding Jebel Ali School, which is sold in May 2022), this is an increase of 5 percentage points year-on-year.
Overall demand remains supported by the strong economic outlook in the UAE, which has led to a significant increase in new businesses entering or expanding in the country, it said.
Equitativa said the REIT’s net income was $8 million in the first quarter, compared with $23 million last year.
The net unrealized gain on portfolio revaluation in the period was $10 million compared to $20 million in the same period last year, which weighed on profitability. It said this reflected a strong rebound in commercial real estate valuations in 2022, which are now beginning to normalize.
Regarding the UAE REIT’s performance, Equitativa Executive Vice Chairman Sylvain Vieujot said: “It delivered a healthy set of operating results in the first quarter, demonstrating continued strong demand for our portfolio of high-quality commercial and retail real estate assets.”
“As the strong local economy continues to drive demand for commercial real estate in the UAE and occupancy rates across our portfolio continue to increase, we remain optimistic that the country’s position as a leading global business hub will help unlock a variety of strategic options for the REIT .We look forward to building on this momentum and creating more value for all of our stakeholders,” he added.trade arab news agency
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