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Emirates REIT to issue over US$300M of sukuk

At Emirates REIT (CEIC) Ltd.'s Nov. 23 extraordinary general meeting, shareholders approved the company's proposal to issue over $300 million worth of U.S. dollar-denominated sukuk trust certificates.

The sukuk, expected to be issued before the end of the first quarter of 2018, will have a term of five years and the certificates will be listed on the Irish Stock Exchange, the company said.

Standard Chartered is the global coordinator of the issuance, while Dubai Islamic Bank, Emirates NBD Capital, Standard Chartered Bank and Warba Bank are joint lead managers. Dubai Islamic Bank is the company's largest shareholder, with a 16% stake.

Fitch Ratings assigned a long-term issuer default rating of BB+ (EXP) to the real estate investment trust, with a stable outlook.