By Rebecca Melvin
New York, Dec. 8 – UAE-based Emirates REIT priced $400 million trust certificates (//BB+) with a distribution rate of 5 1/8% through Emirates REIT Sukuk Ltd., according to a filed prospectus.
The Regulation S certificates will be issued Dec. 12.
Dubai Islamic Bank PJSC, Standard Chartered Bank, Emirates NBD PJSC and Warba Bank are joint lead managers of the deal.
Emirates REIT owns 10 properties in Dubai with a leasable area of 2.2 million square feet and a value of $845 million as of September.
| Issuer: | Emirates REIT Sukuk Ltd.
|
| Guarantor: | Emirates REIT
|
| Description: | Trust certificates
|
| Amount: | $400 million
|
| Maturity: | Dec. 12, 2022
|
| Bookrunners: | Dubai Islamic Bank PJSC, Standard Chartered Bank, Emirates NBD PJSC and Warba Bank
|
| Distribution rate: | 5 1/8%
|
| Trade date: | Dec. 7
|
| Settlement date: | Dec. 12
|
| Rating: | Fitch: BB+
|
| Distribution: | Regulation S
|
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