Neovision Takes Over Management of ADGM-Based Residential REIT
Deal News | Apr 17, 2025 | Zawya
ADGM-based Neovision Wealth Management has assumed control of managing The Residential REIT from Equitativa (AD). The Residential REIT, launched nine years ago, was pioneering in the UAE for focusing on high-end residential assets. In a move reflecting shifting strategies, Equitativa (AD) recently began divesting from the REIT, prompting the management shift to Neovision, which caters to GCC family offices and investors. Neovision, co-founded by CEO Dr. Ryan Lemand, is expanding its management portfolio, having also established a carbon credit fund and managed tokenized funds. Meanwhile, Equitativa (AD) has significantly reduced REIT debts during divestment. The change comes as property prices in the UAE rise, affecting strategic investment decisions.
Sectors
- Real Estate Investment Trusts (REITs)
- Wealth Management
- Financial Services
Geography
- United Arab Emirates – The central geography where Neovision and The Residential REIT operate, particularly focusing on Abu Dhabi and Dubai real estate investments.
- Saudi Arabia – The Residential REIT is privately held by investors, including GCC sovereign subsidiaries spanning across the UAE and Saudi Arabia.
Industry
- Real Estate Investment Trusts (REITs) – The article involves The Residential REIT and Emirates REIT, both key players in the Real Estate Investment Trusts sector within UAE.
- Wealth Management – Neovision Wealth Management's role in taking over REIT management highlights the wealth management industry's involvement in strategic asset handling.
- Financial Services – This encompasses both Neovision’s and Equitativa’s operations, as they manage investment funds and financial services for investors.
Financials
- $250 million – Capital related to Neovision’s certified carbon credit fund.
- Debt reduced from 54% to 34% – Debt level reduction in The Residential REIT achieved by Equitativa following asset sales.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Neovision Wealth Management | Management Company | Company | ADGM-based company that has taken over management of The Residential REIT, offering funds as a service. |
| Equitativa (AD) | Former Management Company | Company | Previously managed The Residential REIT and began divesting in 2022. |
| The Residential REIT | Target Company | Company | Pioneering REIT in the UAE focused on residential assets, now managed by Neovision. |
| Abu Dhabi Islamic Bank (ADIB) | Shareholder | Company | ADIB is a shareholder of The Residential REIT but has not commented on the management change. |
| Equitativa Dubai | Management Company | Company | Manages the Emirates REIT, differentiated from The Residential REIT operations. |
| Dr. Ryan Lemand | CEO | Person | Co-founder of Neovision and leads its strategic management initiatives. |