Aldar Investment Unit Sees Strong Demand For $500m Sukuk

Wed 16 Oct 2019 02:20 PM

Font Size

- Aa +

Aldar Investment Properties announced on Wednesday the successful placement of a fixed rate $500 million dollar-denominated sukuk

Aldar investment unit sees strong demand for $500m sukuk
Talal Al Dhiyebi, CEO of Aldar.

Aldar Investment Properties, a subsidiary of Aldar Properties, announced on Wednesday the successful placement of a fixed rate $500 million dollar-denominated sukuk.

The 10-year sukuk carries a coupon rate of 3.875 percent, the lowest rate ever achieved by Aldar, following strong investor demand.

A statement said the transaction was over six times oversubscribed, with global investors accounting for 71 percent of the total transaction allocation.

The net proceeds of the offering will be used to refinance existing debt, it added.

Aldar unveils 10% discount on many Abu Dhabi residential projects

Customers taking advantage of the offers will benefit from a 10% discount on unit prices and a 2% waiver on registration fees

Aldar Investments owns and manages a AED20 billion portfolio of high-quality income-generating residential, retail, commercial and hospitality assets.

Talal Al Dhiyebi, CEO of Aldar said: “The success of the transaction represents a strong endorsement by the global investment community of the Abu Dhabi economy and of Aldar’s leading position in the regional real estate sector.

"This landmark deal further strengthens our balance sheet, and is testament to Aldar Investments’ status as one of the most efficient platforms for property ownership in the region.”

Aldar Investments mandated Dubai Islamic Bank, First Abu Dhabi Bank, HSBC and Standard Chartered Bank as joint global coordinators and joint lead managers, along with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Emirates NBD Capital and Sharjah Islamic Bank as joint lead managers.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
RECENT NEWS

UAE Announces Major New Tax Rules

UAE introduces Cabinet Decision to amend tax rules and attract investment Read more

UAEs Maseera Acquires Egyptian Fintech ADVA

The move marks a critical milestone in Maseera’s regional expansion strategy Read more

Oman Mandates IBAN For Domestic Transfers From July 2025

The move follows the Oman Central Bank's implementation of the IBAN system for international transfers from March 31, 2... Read more

Egypt And Jordan Thank The European Parliament For New Financial Aid

The European Union members recently approved loans worth $4.4 billion in three instalments to Egypt and $555 million to... Read more

Standard Chartereds SC Ventures To Replicate Asia, Africa SME Model In GCC

SC Ventures to bring its successful SME building strategy in India, South East Asia and Africa to GCC, and plans to rol... Read more

UAE Central Bank Revokes Licence Of Dynamics Insurance Brokers For Regulatory Breaches

Dynamics Insurance Brokers "failed to comply with the licensing terms and requirements issued by the Central Bank and w... Read more