ENBD Reit secures $177m financing from Mashreq

REITENBD Reit, the real estate investment trust managed by Emirates NBD Asset Management, has secured a sharia-compliant financing facility with Mashreq Bank worth $177 million over 12 years. The money will be used to refinance $134.5 million of existing debt and to provide additional funding for acquisitions and other corporate expenditure. The sharia element of the financing means that it is profit only for the first four years, amortising 80% over the following eight years and with a 20% balloon payment at the end of the 12-year term. “The facility that we have secured with Mashreq Bank is important for both refinancing our existing debt – to deliver important cost savings for the REIT – as well as to support our acquisitions programme, said Anthony Taylor, head of real estate at Emirates NBD Asset Management. “Our intention is to diversify our holdings by increasing allocation to the alternative segment, where we are seeing most growth and resilience in light of current market conditions.” ©2019 funds global mena

Executive Interviews

INTERVIEW: ‘Financing is the blood of Iran’s economy’

Jan 04, 2019

Amid a fresh wave of American sanctions, Romil Patel spoke to Meysam Hamedi, director of financial markets and instruments at Iran’s Securities & Exchange Organization (SEO).

INTERVIEW: Totally mega

Jun 13, 2018

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...


ROUNDTABLE: Hooked to the global caravan

Jan 04, 2019

With the MENA region at a tipping point, our panellists talk about economic diversification, the impact of regulation and the delayed Saudi Aramco listing. Chaired by Romil Patel in Dubai.

MENA ROUNDTABLE: ‘The story is about reforms’

Jun 13, 2018

Our cross-industry panel discuss the positive backdrop in Egypt, the Dana Gas controversy and the potential index upgrades of Saudi Arabia and Kuwait. Chaired by George Mitton in Dubai.