Emirates NBD Asset Management wins 'Real Estate Fund of the Year' at the MENA Fund Manager Performance Awards 2016
Dubai, 28 February, 2016: Emirates NBD Asset Management Limited, the asset management arm of Emirates NBD, a leading bank in the region, has won ‘Real Estate Fund of the Year’ at the 2016 MENA Fund Manager Performance Awards, for the second consecutive year.
The USD $461million Emirates Real Estate Fund, led by Tim Rose, Head of Real Estate at Emirates NBD Asset Management (Emirates NBD AM) is the largest and longest established fund managed by the firm. The fund is a Shari’a compliant open-ended portfolio, structured with the objective of generating rental income and achieving capital appreciation in the mid-to-long term, through a diverse selection of directly held real estate assets, predominantly in the UAE. The fund has a proven track record of delivering a consistent performance, with an unlevered +48% return over the past four years and 6.53% return in 2015*. The fund paid out a dividend of 5.75% to income shareholders in 2015, continuing its strong income generation track record.
Commenting on the recognition, Tariq Bin Hendi, Chief Executive Officer, Emirates NBD Asset Management said, “We are delighted to win this award for the second year running. This is a great testament to the quality and sustained performance of the Emirates Real Estate Fund, which has been in existence for over a decade and has delivered consistent returns to investors, both in terms of regular dividend payments and long term growth.”
Recent changes to improve the quality of the portfolio held by the Emirates Real Estate Fund portfolio include the sale of two buildings in Sharjah, the refurbishment of Arabian Oryx Tower in Tecom and the acquisition of 110,000 sqft of commercial offices in the Burj Daman Building within the DIFC.
The MENA Fund Manager Performance Awards are presented to firms based on overall performance, as well as qualitative and structural criteria. The judging panel represents the industry's leading institutional and private investors, as well as industry experts. The seventh edition of the Awards represented the single largest gathering of regionally-based fund managers in the industry’s calendar.