ENBD REIT Admits Shares to Trading on Nasdaq Dubai
Dubai, United Arab Emirates, 23 March 2017: ENBD REIT (CEIC) Limited ("ENBD REIT"), a Shari'a compliant real estate investment trust managed by Emirates NBD Asset Management Limited (the "Fund Manager"), has announced that its ordinary shares have been admitted to the Official List of Securities of the DFSA and to trading on Nasdaq Dubai ("Admission") under the ticker symbol ENBDREIT.
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. The Fund Manager intends to use the proceeds of the Offer to fund acquisitions of high quality, income-generating real estate assets and make improvements to existing properties as part of its active asset management strategy. The Fund Manager has identified a pipeline of opportunities to invest in commercial and alternative real estate assets. Based on the offer price, ENBD REIT will have a market capitalization of approximately US$ 282.4 million at Admission.
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