Dubai – Mubasher: Emirates NBD (ENBD) plans to offer shares in its Islamic REIT, according to a statement.
To be listed on Nasdaq Dubai, the sukuk proceeds will fund acquisitions of real estate assets.
ENBD's REIT expects to raise about $100 million to $125 million (AED 367.26 million to AED 459.075 million) from the offering.
The trust's current portfolio consists of seven properties in the commercial and residential sector in Dubai.
The REIT’s assets are valued at $314 million, with a net leasable area of 872,518 square feet as of 30 September 2016.
