Dubai:
Emirates Reit reported on Wednesday a half year profit of $34.15 million, up 194 per cent compared to the same period last year.
The company’s portfolio increased by 73 per cent to $559.65 million, up from $323.13 million at the end of 2013.
Nasdaq Dubai-listed Emirates Reit raised $201 million this year when its initial public offering was oversubscribed three and a half times.
Emirates Reit used the net proceeds to fund the Dh118.2 million acquisition of Le Grande Community Mall in the Dubai Marina area and the Dh613.4 million acquisition of office floors and 706 car parking spaces in Index Tower, which is located in the Dubai International Financial Centre (DIFC).
The company’s profile grew to 11 properties within Dubai in the first half of the year and its total passing income increased from Dh110 million to Dh129 million, it said.
The average weighted unexpired lease term across the portfolio is now at 8.8 years.
“The first six months of 2014 were marked with milestones. We continued to grow our portfolio, adding prime assets in strategic locations, whilst we launched our successful IPO. We are confident that demand for commercial property in Dubai will continue to grow. With our ability to add significant value through a professional management of the portfolio, we aim to continue to maximise the value for our shareholders,” stated Sylvain Vieujot, Executive Deputy Chairman of the REIT Manager.
Overall debt levels as of June 30 are 23 per cent gross assets
