Equitativa Dubai Limited, manager of the Emirates REIT, will exercise the one-year extension option for its $380 million secured sukuk, which is due to mature at the end of 2024.

The sukuk, first issued in 2017 and refinanced in 2022 following agreement with bondholders, will now be extended to the dissolution date of 12th December 2025, a filing to Nasdaq Dubai said.

Q1 2024 results for the real estate investment trust (REIT) showed assets of $1.073 billion, up 17% year-on-year, with a profit of $24.8 million, up from $7.6 million in 2023.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)