ENBD REIT (CEIC) PLC, the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, is pursuing the WELL Health Safety Rating for Al Thuraya Tower 1
The ongoing asset upgrades and WELL Health Safety certification are due for completion later in the year. Al Thuraya Tower 1 is the largest asset in the REIT’s portfolio by value, at US$69mn, with the current investment for upgrading the building totalling US$6.2mn.
Anthony Taylor, head of real estate at Emirates NBD Asset Management, said, “Over the past year, the real estate sector has faced significant disruption resulting from challenging dynamics created by the COVID-19 pandemic. UAE residents typically spend over 90% of their time indoors, which means as landlords it is vital, we invest in our assets to ensure this time is spent in the healthiest and most productive environment possible. New considerations must be taken into account for the conditions in which tenants now live and work, and landlords need to remain agile in seizing opportunities to repurpose and reimagine how assets are used.”
He added, “We have taken this approach with one of our flagship assets in Dubai Media City, Al Thuraya Tower 1, and started major refurbishment works at the building. As part of the upgrades we’re also looking at how quality of life can be improved for tenants and look forward to working with Savills to achieve the WELL Health Safety Rating.”
ENBD REIT’s agile leasing strategy has created headroom for refurbishments across the portfolio, to upgrade common areas to improve hygiene and efficiency for tenants. WELL Health Safety Rating prioritises tenant wellbeing and the surrounding environment, ensuring assets are equipped to protect occupants against COVID-19.
