Dubai’s Emirates REIT launches $400 million debut sukuk

DUBAI

Emirates REIT, a Sharia-compliant real estate investment trust headquartered in Dubai, has launched a $400 million five-year sukuk at 5.125 per cent, a document from one of the banks leading the transaction showed.

The Islamic bond, the first ever issued by the company, received orders of around $975 million in total, the document showed.

Standard Chartered is the global coordinator of the deal and it is the bookrunner with Dubai Islamic Bank, Emirates NBD Capital and Warba Bank. The transaction is expected to have a BB+ rating by Fitch.