December 26, 2017 / 10:25 AM / a month ago

BRIEF-ENBD REIT Acquires Community Retail Centre in Dubai Silicon Oasis

Dec 26 (Reuters) - ENBD REIT CEIC LTD:

* ACQUIRES COMMUNITY RETAIL CENTRE IN DUBAI SILICON OASIS FROM SOUQ EXTRA FOR AED 210 MILLION, WITH PHASE 1 CLOSING AT AED 84 MILLION

* SAYS BOTH PHASES ARE BEING PURCHASED USING OUR EXISTING FINANCE FACILITY AT AN 8 PERCENT NET YIELD ON CASH, OFFERING SHAREHOLDERS A NET LEVERAGED RETURN OF 11 PERCENT ON EQUITY

* ACQUIRES COMMUNITY RETAIL CENTRE USING ITS EXISTING FINANCE FACILITY AT A GROSS YIELD OF 9.9 PERCENT AND NET YIELD OF 8.0 PCT‍​

* HAS ALSO AGREED TERMS TO ACQUIRE PHASE 2 OF DEVELOPMENT ON COMPLETION IN LAST QUARTER OF 2018

* ACQUISITION WILL LIFT LOAN TO VALUE ACROSS PORTFOLIO TO 36 PERCENT POST PHASE 1 AND 42 PERCENT AFTER PHASE 2, WHICH REMAINS BELOW TARGET CEILING OF 45 PERCENT

* SAYS FOLLOWING ACQUISITION OF PHASE 1 OF SOUQ EXTRA DSO, TOTAL PROPERTY PORTFOLIO VALUE IS $466 MILLION (AED 1.7 BILLION) Source text for Eikon: Further company coverage: )

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