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Aldar Properties unit eyes sale of $500M sukuk

Aldar Properties PJSC unit Aldar Investment Properties LLC is looking to sell $500 million worth of 10-year sukuk, or Islamic bonds, Reuters reported, citing a document issued by one of the banks leading the transaction.

The bonds carry an initial price guidance of approximately 260 basis points over mid-swaps, and deal closing is expected Oct. 15, the news agency added.

The Abu Dhabi-based property developer tapped Dubai Islamic Bank, First Abu Dhabi Bank, HSBC and Standard Chartered to coordinate the sale, Reuters noted.