Dubai-based real estate investor Emirates REIT has received sufficient support to proceed with the new terms of its $400 million sukuk.

The new terms, announced earlier this month, involve exchanging every $1,000 in cash for a new certificate of $950 and $50 in cash, and received support from a group certificate holders. 

Emirates REIT said it had now passed the 75% threshold, with 84% of certificate holders casting votes, 99% of whom are in favour of its consent solicitation ahead of the December 2 deadline. The real estate investment trust is to meet with them on December 6 to approve it, the company said.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)