By Staff writer
Listing on Nasdaq Dubai will take place in March
ENBD REIT, a Shari’a compliant real estate investment trust, said on Sunday it is planning to raise $100 million (AED367m) to $125m (AED458.75m) by listing shares on Nasdaq Dubai exchange.
The trust, managed by Emirates NBD Asset Management Limited, will use the proceeds to fund acquisitions of real estate assets. The listing will take place on March 22, according to the timetable posted in its website.
The initial offering of the shares is only available to institutional investors in the Dubai International Financial Centre. Upon listing on Nasdaq Dubai, the ability to acquire shares will be opened up to other investors, including retail investors.
Tariq Bin Hendi, director of ENBD REIT, said: “This will be only the second real estate investment trust to be listed on a UAE stock exchange, and the re-domiciliation and listing will allow improved liquidity and greater flexibility for the fund manager to manage ENBD REIT.”
The trust’s current portfolio consists of seven properties in the commercial and residential sector, with all located in Dubai. The assets have a total valuation of $314m (AED1.15 billion), with a net leasable area of 872,518 square feet as of September 30 2016.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.