Apex to provide ENBD REIT with property-level accounting and reporting services through the Yardi platform
Dubai, UAE, July 29, 2020 — Apex Group Ltd. (“Apex”), a global financial services provider, today announces its appointment by ENBD REIT (CEIC) PLC (“ENBD REIT”) to provide property-level accounting and reporting services for all 11 properties in the REIT’s portfolio using Yardi® property management technology.
The property management and accounting software will allow ENBD REIT to complete a multitude of administrative tasks in a seamless manner through one system, streamlining everyday processes and reporting.
ENBD REIT has appointed Apex in recognition of its expertise in REIT fund administration, and its ability to provide independent property-level accounting and reporting services to the REIT’s diverse real estate portfolio.
Ramesh Ketti, Head of Private Equity and Real Estate Operations, MENA at Apex Group Ltd. said: “We are pleased to announce the expansion of our relationship with ENBD REIT to include the provision of accounting and reporting services at the property level. This is recognition that the Yardi platform, combined with Apex’s existing real estate capabilities and knowledge, allows us to provide best in class service and adds yet another layer of value to our clients.”
Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management, added: “We are always looking for strategies to improve efficiency, reduce costs and add value to our portfolio. We are delighted to partner with Apex in Dubai to introduce technology to support these goals. In a soft real estate market, it is more important than ever that we establish partnerships and employ technologies such as the Yardi platform to help us manage data and processes more efficiently, more accurately and more transparently. We have been impressed with Apex’s depth of expertise in REIT and fund administration, along with their best in class technology capabilities.”
ENBD REIT is a closed-ended DIFC investment company, managed by Emirates NBD Asset Management Limited, and invests in a diversified portfolio of Shari’a-compliant, income generating real estate. Apex’s relationship with software provider Yardi, announced earlier in 2020, has enhanced Apex’s ability to provide independent property-level accounting and reporting to clients.
Rob Teel, Senior Vice President, Global Solutions at Yardi, said:“We are proud to be the property management software of choice for Apex, a company that demonstrates its commitment to the real estate market by providing clients with tools for success. Yardi Voyager®, which combines management and accounting in a single, powerful platform, was built with an emphasis on multifunctionality to support property investors in extracting value from their investments. We have no doubt ENBD REIT will save time and increase efficiency with Apex’s property-level accounting and reporting services as powered by Yardi.”
Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With over 40 offices worldwide and 3,000+ employees, Apex delivers an extensive range of services to asset managers, allocators and financial institutions. The Group has continually improved and evolved its capabilities to offer a single-source solution through establishing the broadest range of products in the industry; including fund services, bank account opening, depositary, custody and super ManCo solutions. www.theapexgroup.com
Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, California and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.ae.
About ENBD REIT (CEIC) PLC
ENBD REIT (CEIC) PLC (“ENBD REIT”) is a Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited (the “Fund Manager”), listed on Nasdaq Dubai under ticker ENBDREIT. ENBD REIT is a closed-ended investment company that was incorporated by the Fund Manager to invest in a diversified Portfolio of Shari’a-compliant real estate assets in the UAE. ENBD REIT has an unlimited duration and was established in the DIFC by the Fund Manager on 18 July 2016 under the Companies Law with the name “Emirates Real Estate Fund Limited” and with registration number 2209. The Fund subsequently changed its name to “ENBD REIT (CEIC) Limited” and later ENBD REIT (CEIC) PLC in line with the new DIFC Companies Law. ENBD REIT is categorised under DFSA law and regulations as a Public Fund, a Domestic Fund, an Islamic Fund, a Property Fund and a Real Estate Investment Trust (REIT). ENBD REIT has been established with the main investment objective of generating income returns and capital appreciation from real estate assets. ENBD REIT plans to achieve its objectives through the following strategies: (i) prudent acquisitions with a focus on achieving diversification; and (ii) active asset management and enhancement. For more information, visit: www.enbdreit.com
Head of Media Relations
Antonia Powell: [email protected]
By clicking the button you confirming that you’re agree with our following Terms and Conditions