Emirates REIT asking holders of its $400 mln sukuk for a deferral of coupon payments

Emirates REIT asking holders of its $400 mln sukuk for a deferral of coupon payments

Emirates REIT, a Shariah-compliant real estate investment trust, has proposed amendments to holders of its $400 million sukuk.

The Dubai-listed firm proposed two key amendments in a disclosure on Wednesday (May 19) as it tries to improve its balance sheet that has been hit by the COVID-19 pandemic.

Emirates REIT wants to exchange the unsecured notes at par with a secured instrument, which will mature in December 2024 compared to the sukuk that was scheduled for December 2022.