Published: April 11, 2014
Real-estate investment trust is first capital-raising listing on one of Dubai’s exchanges in five years.
Emirates REIT, a real-estate investment trust, has broken a five-year drought of initial public offerings (IPOs) in Dubai by completing its US$175mn listing on Nasdaq Dubai.
The deal is the first IPO of a real-estate investment trust on a GCC stock exchange, and attracted a 3.5-times oversubscribed orderbook. The company, which owns properties including the Loft Offices in Dubai Media City (pictured), was able to raise more than planned – a previous statement had said it would look to secure up to AED500mn (US$136mn) through the listing.
For more in the outlook for IPOs in EMEA this year, including interviews with executives at the exchanges of London, Moscow, Warsaw and more, see our latest cover story.