Dubai property fund Emirates REIT cuts management fees by 20%. Their 2020 numbers were hit by 'unprecedented' revaluation of its portfolio.
Dubai , Dubai
08 May 2021, 12:00 AM
31 May 2021, 12:00 AM
The Dubai-focussed real estate fund Emirates REIT is pinning hopes on a quick turnaround this year after taking a Dh897 million loss for 2020. The losses were brought on by an “unprecedented” markdown in the value of its investment properties.
Emirates REIT fund manages the GEMS Academy campus as well as the Index Tower at DIFC, one of the signature high-rises in that free zone.
Emirates REIT also confirmed it will be cutting its management fees by 20 per cent from this quarter all the way up to end of the year, which will be of some relief to the fund’s clients.
Abdulla Al Hamli, Chairman at Equitativa, which is the fund’s manager said, “Emirates REIT assets have witnessed a larger than normal drop in valuation due to the high volatility and lack of certainty of the real estate market.”
“We trust that such volatility will recede and that following the decisive actions of the UAE government, the market is already on a fast recovery trajectory,” he added.