Emirates REIT, a sharia-compliant real estate investment trust, has closed a $380 million sukuk issuance to refinance the $400 million sukuk issued in 2017.

More than 88% of the existing certificate holders participated in the consent solicitation, with more than 99% voting in favor of the proposed refinancing, Equitativa (Dubai) Limited, the manager of Emirates REIT, said in a statement on Wednesday.

The new certificates include new features, including a fully secured position and a profit rate increase from 5.125% to 9.5% "which reflects the current credit environment with rising inflation, profit rates and market volatility", the statement said.

They will have a new maturity date of December 2024, with the option to extend for one year.

(Reporting by Brinda Darasha; editing by Seban Scaria)