Emirates REIT, the first Shariah-compliant regulated real estate investment trust incorporated in the Dubai International Financial Centre, today announced it has set the indicative price range for its intended offer at $1.36 to $1.56 (Dh4.99 to Dh5.72) per share, Arabian Business reported.
The company said in a media statement that it will issue up to 110.29 million new shares and an additional 16.5 million shares subject to over-allotment.
The indicative price range implies a market capitalisation for Emirates REIT of between $356.2 million and $408.6 million (Dh1.3 billion and Dh1.5 billion) based on the REIT’s issued share capital on listing (excluding the over-allotment option).
Shares of Emirates REIT will be made available to a number of institutional and professional investors in certain jurisdictions outside the US, it noted in a media statement.
“Emirates REIT offers investors a way of gaining exposure to a range of property classes in what we believe to be an attractive market with stable returns from solid income producing assets,” said Abdulla Al Hamli, Chairman of the REIT Manager.
The management roadshow and bookbuilding process will start (March 23) and is expected to end on April 2, 2014. “It also offers access to an established financial track record, experienced management team and a well-defined growth strategy. We look forward to starting our roadshow today and hope to welcome interest from a wide range of local, regional and international institutional investors,” Al Hamli added.
The company said in a media statement that it will issue up to 110.29 million new shares and an additional 16.5 million shares subject to over-allotment.
The indicative price range implies a market capitalisation for Emirates REIT of between $356.2 million and $408.6 million (Dh1.3 billion and Dh1.5 billion) based on the REIT’s issued share capital on listing (excluding the over-allotment option).
Shares of Emirates REIT will be made available to a number of institutional and professional investors in certain jurisdictions outside the US, it noted in a media statement.
“Emirates REIT offers investors a way of gaining exposure to a range of property classes in what we believe to be an attractive market with stable returns from solid income producing assets,” said Abdulla Al Hamli, Chairman of the REIT Manager.
The management roadshow and bookbuilding process will start (March 23) and is expected to end on April 2, 2014. “It also offers access to an established financial track record, experienced management team and a well-defined growth strategy. We look forward to starting our roadshow today and hope to welcome interest from a wide range of local, regional and international institutional investors,” Al Hamli added.
Source:
Mubasher
