ENBD REIT Admits Shares to Trading on Nasdaq Dubai

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ENBD REIT offered 94,594,595 ordinary shares (the "Offer") to institutional investors at a price of US$ 1.11 per ordinary share. Gross proceeds of the Offer amounted to approximately US$ 105 million, before the deduction of commissions and other fees payable by or on behalf of ENBD REIT in connection with the Offer. ENBD REIT will have a market capitalization of approximately US$ 282.4 million at Admission.

Shayne Nelson, Group Chief Executive Officer of Emirates NBD, commented:

"I'm pleased to congratulate our colleagues on the successful admission of ENBD REIT's ordinary shares to trading on Nasdaq Dubai. The strong interest the Offer received from GCC-based investors has been a clear testament to the appetite that exists for ENBD REIT's equity story." 

ENBD REIT invests in predominantly income generating real estate, with the objective of providing investors with a regular source of income (by way of annual dividends of at least 80% of net audited annual income) and potential capital appreciation.

Tariq Bin Hendi, Director of ENBD REIT, commented:

"Our IPO on Nasdaq Dubai has been a great success, and we're grateful to all parties involved in the process. Our rationale for the listing was to improve liquidity and allow greater flexibility in managing the REIT. Our improved capital structure will allow us to remain more fully invested - thereby achieving long-term returns for our shareholders." 

Emirates NBD Capital Limited (EMCAP) and EFG Hermes UAE Limited were Joint Global Coordinators and Joint Bookrunners for the Offer, while EMCAP was Listing Advisor to ENBD REIT. SHUAA Capital psc was Co-Lead Manager.

Hamed Ali, Chief Executive Officer of Nasdaq Dubai, commented:

"We're very pleased to welcome ENBD REIT to Nasdaq Dubai. Our exchange is ideally suited to the requirements of the REIT and its shareholders, offering international regulatory and corporate governance standards that are appealing to global, regional and local investors. Nasdaq Dubai gives issuers global access to capital, and access for international investors to exciting opportunities in the UAE." 

ENBD REIT's investment properties were independently valued at approximately US$ 314 million as at 30 September 2016, with total assets at approximately US$ 426.2 million. Adjusted net asset value was approximately US$ 191.8 million as at 31 December 2016.

Arif Amiri, Chief Executive Officer of Dubai International Financial Centre Authority, said: 

"We would like to thank Emirates NBD Asset Management for choosing the Dubai International Financial Centre to establish ENBD REIT. It reinforces the trusted nature of the DIFC's legal and regulatory frameworks, providing a platform for regional and international investors to invest in Dubai and the UAE." 

 
For more information:

Ibrahim Mougharbel, Regional Senior Consultant - [email protected]
+971-(0)-50-886-0767

George Allen, Consultant -
[email protected] / +971-(0)-56-609-6749 

SOURCE ENBD REIT