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ADX lists $500m sukuk issued by Aldar Properties’ unit

ADX lists $500m sukuk issued by Aldar Properties’ unit
The sukuk issue was oversubscribed by 6x
0.50% 2.01 0.01

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange has listed $500 million sukuk issued by Aldar Investment Properties, a fully-owned subsidiary of Aldar Properties, the Emirates News Agency reported.

With a tenor of 10 years, the fixed-rate US dollar-denominated sukuk carries a coupon rate of 3.875%. The sukuk issue was oversubscribed six times.

"The combined efforts of the UAE’s business sectors, in alignment with the nation’s Governmental leadership, have served to enhance the performance of our national economy where the financial markets play a fundamental role in that area,” acting CEO of ADX Khalifa Salem Al Mansouri said.

The proceeds of the issue are used to refinance existing debt. It contributes to the diversification of Aldar Investments’ funding base.

"Secondary market liquidity plays a role in a successful transaction, and our dual listing on the Abu Dhabi Securities Exchange and Dublin Euronext provides connection to geographically diverse and deep pools of capital,” CEO of Aldar Talal Al Dhiyebi commented.

Aldar Investments holds and manages a diversified portfolio of high-quality income-generating residential, retail, commercial, and hospitality assets valued at an AED 20 billion.

It is worth noting that Aldar Investments is rated ‘Baa1’ by the credit rating agency Moody’s, the highest credit rating to be assigned for a non-government corporate in the region.