Brunswick advises on Dubai’s first IPO in five years
Emirates REIT has hired Brunswick to handle communications for its IPO on Nasdaq Dubai. The project is being handled by Brunswick’s Rupert Young and Jeehan Balfaqaih and is the first initial public offering on Nasdaq Dubai since 2008. Emirates REIT was established in 2010 by Dubai Islamic Bank PJSC and France-based Eiffel Management to invest in real estate.
The offer will comprise an issue of new shares in Emirates REIT and will be made to a number of institutional and professional investors in certain jurisdictions. Emirates REIT intends to raise a minimum of AED500 million and will use the net proceeds of the project to fund future acquisition opportunities. The REIT generated a total comprehensive income of AED125.7 million last year, up from AED38.9 million in 2012, reflecting the substantial rise of rents in Dubai over the last two years.
Leave a ReplyWant to join the discussion?
Feel free to contribute!