Masdar has appointed Apex in recognition of its expertise in REIT fund administration, and its ability to provide an independent and locally delivered suite of fund administration and property level accounting and reporting services, backed by its extensive functional and real estate industry expertise.
These tailored services are underpinned by market leading technology platforms including eFront and Yardi, allowing a multitude of administrative and accounting tasks to be completed in a seamless manner, streamlining everyday processes and reporting.
The fund is managed by Masdar Capital Management Limited, a fund manager incorporated in the Abu Dhabi Global Market (ADGM). Under the private REIT regime, the Masdar Green REIT offers the opportunity for professional investors to invest in a portfolio of stable, income-generating, sustainable real estate assets located in Masdar City, and the UAE. The REIT’s portfolio currently comprises four commercial properties, with an initial third-party valuation of circa AED 950,000,000 (USD 260,000,000) as of 23 December 2020.
Apex will work in partnership with leading UAE asset manager, Emirates NBD Asset Management, provider of management services for the vehicle, in a strategic partnership with Masdar Capital Management Limited.
Glyn Gibbs, Regional Head of Business Development, MENA at Apex Group said, “With ESG factors playing an ever-increasing role in investment decision-making, the Masdar Green REIT reflects our commitment to facilitating the flow of capital towards sustainable investment vehicles and assets. We are delighted to have been appointed as fund administrator of the Masdar Green REIT, further consolidating our role as the leading provider of administration and property level accounting and reporting services to the real estate sector and listed vehicles in the region. Further, we look forward to continuing our relationship with Emirates NBD Asset Management, bringing together our significant combined experience to give investors the assurance of working with two of the UAE’s leading independent third-party service providers.”
Abdulla Balalaa, Executive Director, Masdar City, said, “More and more investors are assessing companies based on specific environmental, social and governance (‘ESG’) criteria with ‘responsible’ investment opportunities increasingly their main priority. The Masdar Green REIT, which is the first of its kind in the region, gives prospective investors that option by investing in sustainable income-generating real estate assets, with a primary focus in Masdar City. This REIT also provides investors with 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.”
Anthony Taylor, Senior Executive Officer, Masdar Green REIT, said, “We appointed Apex to provide fund administration support for our pioneering Masdar Green REIT due to the team’s extensive real estate experience, responsive local team, and the firm’s clear alignment with our own ESG principles. We look forward to working in partnership with Apex as we build a track record for the REIT, providing prospective investors with full confidence in the administration of the fund as they look to invest in sustainable real estate assets.”
Masdar Green REIT
The Masdar Green REIT has a mandate to invest in sustainable real estate assets developed within Masdar City (the pioneering sustainable urban development and technology and innovation hub) and the UAE. One of the world’s most sustainable urban communities, Masdar City is a low-carbon development made up of a rapidly growing clean-tech cluster, a business free zone and a residential neighborhood.
The REIT’s portfolio currently comprises four commercial properties, covering a net leasable area of 57,262 sqm, within Masdar City. The REIT has been given an initial third-party valuation of AED 948,720,000 (U$258,295,671) as of 23 December 2020. The fund is managed by Masdar Capital Management Limited, a fund manager incorporated in the ADGM and authorized / regulated by the ADGM Financial Services Regulatory Authority (“FSRA”) under Finances Services Permission Number 2000466. www.masdar.ae/reit
