Dubai’s Damac Real Estate plans to sell five-year sukuk bonds

By Colin Hanner

Chicago, April 7 – Damac Real Estate Development Ltd. is expected to come to the market with an offering of five-year sukuk, a market source said.

The Dubai-based property development company planned a roadshow for the notes late last week and held investor calls throughout this week.

Damac completed a tender offer on Friday morning for up to $250 million of $650 million trust certificates due 2019 issued by Alpha Star Holding Ltd.

Emirates NBD PJSC, HSBC Bank plc and Merrill Lynch International were the deal managers for the tender offer.

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