Latest news with #ResidentialREIT
Al Etihad
03-06-2025
- Business
- Al Etihad
Dubai Residential REIT sustains gains a week after listing
3 June 2025 18:59 A. SREENIVASA REDDY (ABU DHABI)Shares of Dubai Residential REIT held steady at Dh1.24, nearly 13% above the listing price of Dh1.10, a week after the stock debuted on the Dubai Financial Market (DFM) on May Residential REIT is the second IPO in the UAE this year and the first on the DFM in 2025. The share price remained consistently above the offer price throughout the week, underscoring the resilience of both the stock and the broader REIT is the GCC's first listed pure-play residential leasing-focused real estate investment trust, and the largest listed REIT in the region, managing 35,700 residential units. The initial public offering raised Dh2.145 billion and was oversubscribed 26 Residential REIT debuted on the DFM with a market capitalisation of Dh14.3 billion. By the close of trading on Tuesday, its market cap had risen to Dh16.1 billion — a Dh2 billion increase in shareholder value within a the Abu Dhabi Securities Exchange, the benchmark FADGI index rose 0.461%, snapping a two-day losing streak. The financial sector led the gains, with Abu Dhabi Islamic Bank climbing 2.6% and First Abu Dhabi Bank advancing 1.53%. Meanwhile, the DFM General Index (DFMGI) gained 0.677%, marking a second straight session of gains. Market sentiment in Dubai remains upbeat despite ongoing global market volatility.
Zawya
17-04-2025
- Business
- Zawya
Neovision takes over management of ADGM-based Residential REIT
ADGM-based Neovision Wealth Management has taken over the management of The Residential REIT from Equitativa (AD) The REIT was launched nine years ago and was the first in the UAE to focus on residential assets, owning and running high-end properties in Abu Dhabi and Dubai. As of earlier this month, it is managed by Neovision, a funds as a service provider, or management company, to asset managers, serving GCC family offices, institutions and professional and retail investors. Equitativa Dubai still manages commercial and office-focused Emirates REIT through its Dubai office. The Residential REIT is structured for professional and institutional investors, incorporated and regulated in ADGM. While Emirates REIT is Nasdaq Dubai-listed, The Residential REIT is privately held by GCC sovereign subsidiaries in the UAE and Saudi Arabia. Abu Dhabi Islamic Bank (ADIB) is also a shareholder, but said it was unable to comment on the reasons for the change in manager at this time. Neovision was co-founded in 2022 by CEO Dr Ryan Lemand. The company functions as a management company (ManCo), and previously established a $250 million certified carbon credit fund, and also launched and manages tokenised fund Realize T-Bills to buy BlackRock iShares and State Street SDPR. Equitativa has not disclosed the reason behind the management change, but said in a statement to Zawya it had started an extensive divestment from the Residential REIT in 2022 as UAE residential asset prices had increased, selling more than 400 residential units at a significant premium to the book value, reducing the debt level from a peak of 54% to 34% in 2024. The statement said Equitativa (AD) Limited is in the process of transferring the fund with the remaining units and is no longer managing the Residential REIT.
