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In this episode of the Construction Week Viewpoint podcast, Construction Week 's features writer, Ashley Williams, talks to Taylor about ENBD Reit's plans to reduce costs, and how it is targeting long-term leasing assets, such as hospitals and schools, as part of its next focus for acquisitions.
ENBD has been an early adopter of advanced digital technology.
ENBD REIT's property portfolio value stands at $437 million, compared to $450 million for the previous quarter, as a result of valuation losses resulting from the prevailing soft real estate market conditions and due to one of the portfolio's largest tenants, Huawei, vacating from Al Thuraya Tower 1 in Dubai Media City, relocating to their own purpose built head office, during this period.
This proposed dividend is equivalent to the net rental income generated by ENBD REIT's portfolio, despite movements in valuation experienced during the period.
Announcing its net asset value for the third quarter, ENBD REIT said that the NAV stood at $824 million, declining by $1 million on the previous quarter, despite challenging market conditions.
It also considers the bank's acceptable management and strategy, franchise link to ENBD and generally stable funding profile underpinned by healthy liquidity.
FSSB members hold a non-executive role within ENBD REIT's governance structure and are independent of ENBD REIT.
According to ENBD, firms blamed "subdued market demand, competitive pressures and unpredictable economic conditions" for the decline.
ENBD's vision at that point in time was wanting the digital and physical experience to be seamless.
ENBD didn't provide a quarterly breakdown in its first-half results filing, so Reuters calculated figures for the three months using previous financial statements.
"We are likely to see more euro-denominated issuances from the Gulf region going forward" said Mustafa Ata Aziz head of debt capital markets for the Middle East and North Africa at HSBC which was one of the banks arranging the ENBD bond.
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- Enbridge Consumers Gas
- Enbridge Energy Management, LLC
- Enbridge Energy Partners, LP
- Enbridge Pipelines, Inc.
- ENCAD File Print Utility