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Dubai lender Emirates NBD to IPO Islamic REIT fund
March 5, 2017 / 4:58 AM / 9 months ago

Dubai lender Emirates NBD to IPO Islamic REIT fund

DUBAI, March 5 (Reuters) - Emirates NBD (ENBD), Dubai’s largest lender, plans to offer shares in its Islamic real estate investment trust and list them on the Nasdaq Dubai exchange.

ENBD REIT said on Sunday it expects to raise about $100 million to $125 million from the offering and plans to use its proceeds to fund acquisitions of real estate assets.

The trust’s current portfolio consists of seven properties in the commercial and residential sector, which are all located in Dubai, it said.

ENBD REIT’s assets have a total valuation of $314 million, with a net leasable area of 872,518 square feet as of Sept. 30 2016. (Reporting by Hadeel Al Sayegh; Editing by Jacqueline Wong)

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