Country for PR: United Kingdom
Contributor: PR Newswire Europe
Wednesday, January 20 2021 - 19:39
Masdar enters strategic agreement with Emirates NBD Asset Management to provide services for UAE's first 'green' REIT
ABU DHABI, U.A.E, January 20, 2020 /PRNewswire-AsiaNet/ --

    - Sustainable real estate investment trust (REIT) established at Abu Dhabi 
Global Market under the first private REIT regime in MENA
    - The Masdar Green REIT has received approval to commence activities from 
ADGM's Financial Services Regulatory Authority (FSRA)

    Masdar, a subsidiary of Mubadala Investment Company and a pioneer in 
sustainable urban development, has partnered with Emirates NBD Asset Management 
to receive management services for the UAE's first sustainable real estate 
investment trust – the Masdar Green REIT. Together, Masdar Capital Management 
(a recently established FSRA Regulated Fund Manager) and Emirates NBD Asset 
Management bring significant experience and expertise in sustainable real 
estate and property asset management to the partnership. 

    Masdar announced it was launching the REIT, the first in the UAE to invest 
solely in sustainable real estate projects, during Abu Dhabi Sustainability 
Week (ADSW) in January last year. The Masdar Green REIT has been established at 
Abu Dhabi Global Market (ADGM) as a Qualified Investor Fund (QIF) and offers an 
attractive opportunity for professional investors through private placement to 
invest in a unique portfolio of stable, income-producing sustainable real 
estate assets. Masdar also confirmed that the REIT has now received approval 
from ADGM's Financial Services Regulatory Authority to begin operations.

    The Masdar Green REIT's portfolio currently includes four commercial 
properties within Masdar City, the pioneering sustainable urban development 
project, and technology and innovation hub, in Abu Dhabi. All of the properties 
consume approximately 40 percent less electricity and water than comparable 
buildings in Abu Dhabi – giving them a rating of three Pearls or above on Abu 
Dhabi's Estidama Pearl Building Rating System, while one is also LEED Platinum 

    "The Masdar Green REIT is the first of its kind in the region and further 
demonstrates Masdar's commitment to pioneering sustainable development," said 
Abdulla Balalaa, Acting Executive Director, Sustainable Real Estate, Masdar 
City. "Investors are increasingly looking for 'responsible' investment 
opportunities and evaluate companies based on specific environmental, social 
and governance ('ESG') practices criteria. The Masdar Green REIT gives 
investors that option by investing in sustainable income-generating real estate 
assets, with a primary focus in Masdar City. This REIT also provides a vehicle 
through which third-party, sustainable developers can monetize their assets, 
attracting both real estate developers to Masdar City, and aspiring local and 
international sustainable investors."

    Steve Corrin, SEO of Emirates NBD Asset Management, said, "We are delighted 
to be bringing together two of the UAE's strongest brand names to work on the 
Masdar Green REIT, an exciting new investment product for the UAE's REIT 
market. The initial portfolio has been created with global ESG principles in 
mind to offer investors the highest levels of sustainability ratings as well as 
attractive rental yields in line with investor expectations. Emirates NBD Asset 
Management, with its long history of institutional real estate asset management 
in the UAE provides investors with comfort that the Masdar Green REIT will be 
professionally resourced and operated to international best-practices."

    The Masdar Green REIT will facilitate more sustainable real estate assets 
coming to market by providing institutional funding to support the future 
expansion of Masdar City through new sustainable developments. The Masdar Green 
REIT also marks great progress in bringing the Abu Dhabi Sustainable Finance 
Declaration to life, which was signed in 2019 by 25 public and private sector 
entities, including Masdar and the ADGM, and is aimed at establishing a healthy 
and sustainable finance industry that supports the UAE in attaining the United 
Nations Sustainable Development Goals.

    Emmanuel Givanakis, Deputy CEO of the ADGM Financial Services Regulatory 
Authority, said, "As an international financial centre, ADGM has been tireless 
in championing the region's sustainable finance agenda and is pleased to 
support the advancement of the UAE's first green REIT. Working closely with 
financial and energy industries stakeholders, including Masdar and Emirates 
NBD, we seek to encourage and facilitate further advancements and increased 
investments in the field of sustainable finance. The FSRA is committed to 
providing its business community and partners with the ecosystem and regulatory 
support to develop and achieve innovative investment solutions across the UAE."

    Currently active in more than 30 countries, Masdar has been advancing the 
commercialization and deployment of renewable energy, sustainable urban 
development and clean technologies, to address global sustainability challenges 
since 2006. In 2018, Masdar signed the first green revolving credit facility in 
the Middle East, helping to support its investments in global clean technology 
and sustainable real estate projects. 


SOURCE: Masdar