Second UAE REIT launches with Apex as Administrator
The second ever REIT to be listed in the UAE, ENBD REIT (CEIC) Ltd, selects global independent provider Apex Fund Services as administrator.
Global independent administrator, Apex Fund Services (“Apex”), has been selected to provide fund administration services to the second REIT ever to be listed in the UAE. The Shari’ah compliant real estate fund, ENBD REIT (CEIC) Ltd. (“ENBD REIT”), will be serviced locally by Apex’s Dubai office.
Launching with just under $300 million as listed on Nasdaq Dubai, ENBD REIT is a single listed fund managed by Emirates NBD Asset Management. It is only the second ever REIT to be listed in the UAE and was the first IPO in the UAE this year.
Tim Rose, Head of Real Estate at Emirates NBD Asset Management, said, “Following the successful IPO of ENBD REIT on Nasdaq Dubai, we are pleased to have appointed Apex to provide fund administration services that will support us in our activities as a listed company. Apex has an excellent reputation in the market and a very positive track-record. We look forward to working closely with their team.”
Peter Hughes, Founder and CEO at Apex Fund Services said, “As an experienced real estate administrator with a local presence in Dubai, we are very happy to be supporting the beginning of what is an inevitable upsurge of successful real estate funds launching in the UAE. Apex’s Dubai office celebrated its 10 year anniversary last year and houses one of our specialist real estate and private equity teams; this means we will deliver a tailored real estate focused service to ENBD REIT”.