Dubai's Emirates REIT to Raise $135 Million in IPO

Dubai's Emirates REIT to Raise $135 Million in IPO

Commercial News » Middle East and Africa Commercial News Edition | By WPJ Staff | March 11, 2014 8:52 AM ET

The United Arab Emirates' first REIT is planning to raise at least 500 million dirhams ($135 million) through an initial public offering. 

Emirates REIT will raise the capital by offering its shares on the Nasdaq Dubai bourse, according to media reports. 

The REIT will use the funds for investment in existing assets and possible future acquisitions, Abdulla al-Hamli, Emirates REIT board chairman, told reporters this week. 

A timeframe for the IPO was not given and the value of the company is not known. 

The REIT was formed in 2010 and complies with Islamic investment principles. As of year-end 2013, the company's portfolio included 10 properties spanning 1.2 million square feet of net leasable area. The total asset value is approximately $333 million. 

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