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ENBD REIT prices share offering

ENBD REIT (CEIC) Ltd. said it will issue 94,594,595 new shares to trading on Nasdaq Dubai at $1.11 apiece March 23.

The company said in a news release that the offer price of the shares that are being issued to institutional investors represents 37.2% of its issued share capital. Based on the price, ENBD's total market capitalization at the time of listing will be approximately $282.4 million.

Net proceeds from the offering, which is expected to raise about $100.7 million, will be used for the acquisition of "high quality, income-generating real estate assets" and to improve its existing portfolio.

Emirates NBD Capital Ltd served as the listing adviser to ENBD and along with EFG Hermes UAE Ltd., it acted as joint global coordinator and book runner for the offering. SHUAA Capital psc acted as the co-lead manager of the offering.