Dubai: Equitativa, the largest REIT manager in the GCC and manager of Emirates REIT, today announced
its intention to distribute its first 2018 interim dividend payment relating to the financial year 2018 for Emirates REIT (CEIC) Limited (“Emirates REIT”, the “REIT”), the UAE’s first regulated Shari’a compliant Real Estate Investment Trust listed on Nasdaq Dubai.
The interim dividend in relation to the six-month period ended 30 June 2018 is of USD 11.98 million or USD 0.04 per ordinary share. This represents an annualised dividend yield of 8.6%.
This dividend, to be paid on or before 31 January 2019, is the first dividend payment relating to the financial year 2018 (FY2018). Equitativa, the REIT manager, intends to continue to distribute dividends to shareholders of the REIT twice a year.
To be entitled to receive the dividend, shareholders must own the shares and be on the register at market close on 23 January 2019.
Equitativa also announces that it has appointed Al Ramz Capital LLC as liquidity provider for Emirates REIT. The new agreement means that Al Ramz Capital LLC will be providing pricing for the purchase and sale of REIT shares to increase the liquidity following regulations set out by the DFSA, SCA and Nasdaq Dubai.
The purpose of appointing Al Ramz Capital LLC as liquidity provider is to improve the liquidity for Emirates REIT shares which in turn would enhance the daily volumes, benefiting investors. This reduces volatility and tightens trading spreads making the shares more attractive to institutional and retail investors.
Emirates REIT’s Net Asset Value as of November 2018 was at USD 1.77 per share, or USD 531 million.
Sylvain Vieujot, Group Chairman of Equitativa, commented: “Today’s announcement demonstrates our ability to deliver once again a stable dividend. The bi-annual dividend distribution and the new agreement with Al Ramz Capital LLC as a liquidity provider aims to increase liquidity for Emirates REIT shareholders and strengthen the position of Emirates REIT as the leading Shariah compliant REIT.”
About Equitativa Group:
The Equitativa Group is a leading regional asset manager focused on creating and managing real estate investment trusts (REITs). The group offers innovative risk-adjusted, income generating financial products that cater to institutional and retail investors. As the founder of the UAE’s first Shari’a compliant REIT, Emirates REIT, established in the DIFC, Equitativa is today the largest REIT Manager in the Gulf Cooperation Council (GCC) countries and the biggest REIT Manager for Shari’a Compliant REITs in the world. Equitativa has about USD 2 billion of assets under management in the UAE including Emirates REIT and The Residential REIT, the latter incorporated in Abu Dhabi Global Markets. Equitativa is further diversifying its REITs by launching a hospitality REIT, a logistics REIT, and several other REITs in emerging markets.
About Emirates REIT:
Emirates REIT, (NASDAQ Dubai: REIT; ISIN: AEDFXA1XE5D7), the world’s largest Shari’a compliant Real Estate Investment Trust, is a Dubai-based real estate investment trust established to invest in principally income-producing real estate in line with Shari’a principles. It currently owns freehold or leasehold properties comprising commercial, education and retail assets. Emirates REIT benefits from an exclusive Ruler’s Decree’s permitting it to purchase properties in onshore Dubai and Ras Al Khaimah.
About Al Ramz:
Al Ramz Corporation is a United Arab Emirates-based public shareholding company established in 1998 and listed on Dubai Financial Market in 2007. The company has a long-standing commitment to deliver dynamic investment solutions, with in-depth knowledge and expertise in trading securities.