Aldar Investment Properties announced on Wednesday the successful placement of a fixed rate $500 million dollar-denominated sukuk
Aldar Investment Properties, a subsidiary of Aldar Properties, announced on Wednesday the successful placement of a fixed rate $500 million dollar-denominated sukuk.
The 10-year sukuk carries a coupon rate of 3.875 percent, the lowest rate ever achieved by Aldar, following strong investor demand.
A statement said the transaction was over six times oversubscribed, with global investors accounting for 71 percent of the total transaction allocation.
The net proceeds of the offering will be used to refinance existing debt, it added.
Aldar Investments owns and manages a AED20 billion portfolio of high-quality income-generating residential, retail, commercial and hospitality assets.
Talal Al Dhiyebi, CEO of Aldar said: “The success of the transaction represents a strong endorsement by the global investment community of the Abu Dhabi economy and of Aldar’s leading position in the regional real estate sector.
"This landmark deal further strengthens our balance sheet, and is testament to Aldar Investments’ status as one of the most efficient platforms for property ownership in the region.”
Aldar Investments mandated Dubai Islamic Bank, First Abu Dhabi Bank, HSBC and Standard Chartered Bank as joint global coordinators and joint lead managers, along with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Emirates NBD Capital and Sharjah Islamic Bank as joint lead managers.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.