Trade in Emirates Reit shares starts on Nasdaq Dubai

Emirates REIT (CEIC) Limited Emirates REIT), the first Shari'a-compliant regulated real estate investment trust incorporated in the Dubai International Financial Centre (DIFC), today announced that its ordinary shares have been admitted to the Official List of Securities of the Dubai Financial Services Authority (DFSA) and admitted to trading on Nasdaq Dubai under the ticker symbol ‘REIT’.

The admission follows a successful international IPO which was 3.5 times over-subscribed. Shares have been placed with a broad base of institutional investors in the UAE, the wider GCC and the UK.

Speaking at the event prior to the market opening for trading, Hamed Ali, Chief Executive Officer, Nasdaq Dubai, said: “This is a significant moment for Nasdaq Dubai as it is the first REIT IPO to complete and list on the Exchange in the new era of growth that is underway in the UAE. Whilst we have seen many Sukuk transactions come to market, we are now seeing a growing list of companies preparing to raise equity finance and ready themselves to list on the exchange over the next 18 months. This is underpinned by our strong platform, supported by international standards of regulation and global links to investors.”

Emirates REIT priced 128,676,471 new ordinary shares at $1.36 per share, raising gross proceeds of approximately $175 million (excluding the exercise of the over-allotment arrangements of up to 19,301,470 additional shares). Based on the offer price and the total number of shares in issue, Emirates REIT will have a market capitalisation of approximately $381.2 million and a free float of 46 per cent.