Reviewing strategies: ENBD REIT plans to delist from Nasdaq Dubai | ZAWYA MENA Edition:
ENBD REIT, the Shariah-compliant real estate investment trust managed by Emirates NBD Asset Management, is formalising a restructuring, which could see the trust delisting from Nasdaq Dubai and become a privately held REIT.
The decision by the board of directors is subject to approval from shareholders.
“With the share price representing a significant discount to Net Asset Value (NAV) and current market conditions expected to prevail, we have undertaken a comprehensive review of strategic alternatives to maximize long-term value for shareholders,” Anthony Taylor, Head of Real Estate, ENBD REIT told Zawya.
“This process has led to the decision to proceed with a formal restructuring of the REIT, transitioning to a privately held investment vehicle subject to shareholders’ approval. We believe that the decision is in the best interest of shareholders who stand to realise greater value from holding equity in the REIT – valued according to NAV – on a fixed-term basis,” Taylor said.
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