Emirates REIT successfully closes USD 380 million Sukuk Issuance

Emirates REIT successfully closes USD 380 million Sukuk Issuance

- New refinancing process endorses business plan and underlying valuation of portfolio assets

- Deal allows Emirates REIT to progress development and growth plans

Dubai – Equitativa (Dubai) Limited, the manager of Emirates REIT, has announced the successful completion of a USD 380 million Sukuk issuance to refinance the USD 400 million Sukuk issued in 2017. More than 88% of the existing certificate holders participated in the consent solicitation, with more than 99% voting in favor of the proposed refinancing.

Thierry Leleu, CEO of Equitativa, said: “The company is delighted to have successfully completed the refinancing of the sukuk issued in 2017, with the overwhelming support from our sukuk holders. This solid approval allows the business to now move forward into 2023 and beyond. The post pandemic environment in Dubai represents an attractive opportunity for the REIT to cement its leading position in the market, whilst at the same time taking advantage of the buoyant commercial real estate market and new opportunities in areas such as logistics and education.”

Arun Reddy, Managing Director of Houlihan Lokey, said: “The almost unanimous sukuk holder approval represents a highly successful result for all of the parties concerned and provides an opportunity for the business, the certificate holders