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Emirates NBD closes Dubai's 1st IPO in 2017 with new REIT

Emirates NBD Bank PJSC's Emirates NBD Capital Ltd. on April 5 completed its role as adviser to ENBD REIT (CEIC) Ltd.'s IPO.

The IPO is the first on a Dubai bourse since December 2014 and is also the first listing on the market year-to-date. The new trust, which raised about $105 million, is also the second listed REIT in the United Arab Emirates.

Emirates NBD said the IPO announced in early March was "well oversubscribed" by financial institutions and family offices across the Gulf. On March 23, the REIT debuted on Nasdaq Dubai where it listed 94,594,595 ordinary shares at $1.11 apiece, with shares rising to $1.17 in the day.

ENBD REIT has a market capitalization of about $282.4 million, with a seed portfolio of four commercial and three residential buildings in Dubai.

Emirates NBD Capital is the joint global coordinator, joint book runner and listing adviser for the IPO. EFG-Hermes UAE Ltd. is also a joint global coordinator and joint book runner, while SHUAA Capital PSC is the co-lead manager for the listing.