Emirates NBD Capital Ltd is the Sole Bookrunner and Lead Manager on the transaction
UAE - DAMAC Real Estate Development Limited (DRED) a 100% owned company of DAMAC Properties Dubai PJSC (Ticker DAMAC), a leading developer of high-end and luxury residential property in the Middle East, announced today the issuance of a USD 100 million senior unsecured 18-month certificates by way of a private placement (the "Sukuk"). The certificates are rated BB by Standard & Poor's in line with DAMAC's international ratings.
DRED mandated Emirates NBD Capital Ltd. as Sole Bookrunner and Lead Manager on the deal who were advised by international law firm, King & Spalding. DRED was advised by Dentons & Co in this transaction.
Adil Taqi, Chief Financial Officer of DAMAC said: "The proceeds of the offering will be used for general corporate purposes and for the acquisition of land plots to strengthen and extend the company's development pipeline, in accordance with our medium term funding strategy".
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Notes to editor:
DAMAC has been at the forefront of the Middle East's luxury real estate market since 2002 - bringing luxury living experiences to residents from all over the world. Making its mark at the highest end of stylish living, DAMAC Properties has cemented its place as the leading luxury developer in the region, offering iconic design and the upmost quality. The company's footprint now extends across the Middle East region with projects in the UAE, Qatar, Saudi Arabia, Jordan, Lebanon and a JV in London England.
As of 30th June 2015, DAMAC has delivered 14,375 homes and has a development portfolio of over 37,000 units at various stages of progress and planning. Included are more than 10,000 hotel rooms and serviced hotel apartments under development, which will be managed by its hospitality arm, DAMAC Hotels & Resorts. With vision and momentum, DAMAC is building the next generation of Middle East luxury living.
DAMAC Properties Dubai Co PJSC
Investor.relations@damacgroup.com
About Emirates NBD www.emiratesnbd.com
Emirates NBD is one of the largest financial institutions (by asset size) in the GCC. Its vision is to be globally recognized as the most valued financial services provider based in the Middle East. It is a market leader across core business lines and the leading retail banking franchise, with more than 220 branches and over 900 ATMs and Cash Deposit Machines (CDMs) spread across the country and overseas. As of 30 June 2015, total assets were USD106 Billion. The group has operations in the UAE, Egypt, The Kingdom of Saudi Arabia, Singapore, The United Kingdom, and representative offices in India, China and Indonesia. Currently, more than 9,000 people, representing 70 nationalities, are employed by Emirates NBD, making it one of the largest and most culturally diversified employers in the UAE.
© Press Release 2015
