ENBD REIT introduces rent relief measures

Emirates NBD REIT, the sharia-compliant real estate investment trust run by Emirates NBD Asset Management, has announced a series of rent relief measures designed to help tenants overcome the effect of the Covid-19 pandemic. According to the firm, the rent relief is just one of a number of “flexible solutions” it has introduced across the portfolio. It also insists that the fund remains in a “healthy financial position with positive rental income and sufficient cash to meet all foreseeable obligations” citing measures taken previously to minimise costs. These measures included negotiating down a number of service contracts to mitigate the impact of sustained softening in the region’s real estate market. However, Anthony Taylor, head of real estate at Emirates NBD Asset Management, did add that the fund was not in a position to offer blanket relief to all tenants. “If ENBD REIT were to share the cost savings it has achieved with all tenants equally, it would be a reasonably small percentage reduction and immaterial to any one tenant facing significant financial challenges,” said Taylor. “For this reason, we assess the financial position of each tenant who is requesting relief before agreeing to a rental payment structure that meets their requirements.” © 2020 funds global mena

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