The Emirates Reit Fund, listed on the NASDAQ Dubai, announced its intention to exit the Dubai Financial Market, explaining that the current market conditions created a "gap" between the stock price in the market and the true value of the fund.
The fund said in a statement on Sunday to NASDAQ Dubai, that the board of directors on behalf of "Equitativa", director of the Emirates Reit Fund, decided to launch a comprehensive review of the strategic options of the fund, including a possible write-off from the stock exchange.
The fund added that the return to work as a special fund is likely to be at least temporarily in favor of the fund and its investors.
To that, a group of the contribution of Emirates REIT Real Estate Fund listed on NASDAQ Dubai, submitted a request to the Dubai Financial Services Authority to investigate the evaluation made by the fund for its real estate.
The fund’s shares were trading at $ 0.15 today, compared to a net asset value of $ 1.57 per share at the end of 2019.
Earlier in the day, Emirates Reet said that its manager, Equitativa, is being investigated by the Dubai Financial Services Authority for matters related to Emirates Reit management.