30 March 2017

Dubai - Global law firm K&L Gates has advised Emirates NBD Asset Management and ENBD REIT (CEIC) Limited (ENBD REIT) on ENBD REIT’s initial public offering (IPO) on Nasdaq Dubai.

ENBD REIT is a Sharia’a-compliant Real Estate Investment Trust (REIT) managed by Emirates NBD Asset Management and established in the Dubai International Financial Centre (DIFC). This is the second REIT to IPO on Nasdaq Dubai. The first was Emirates REIT in 2014, a transaction on which K&L Gates also advised.

The ENBD IPO raised USD105 million and was over-subscribed. The project also involved a complex redomiciliation of Emirates NBD Asset Management’s former Jersey fund to the DIFC for the IPO.

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “As the established exchange for REIT listings in the UAE, we are delighted to welcome ENBD REIT to our market. The listing reflects Nasdaq Dubai’s ability to provide issuers with an effective platform for capital-raising including access to international and regional investors, global visibility and first class regulation”.

Tariq Bin Hendi, Director of ENBD REIT, said: “The Offer of ENBD REIT’s shares to trading on Nasdaq Dubai provides investors with the opportunity to invest in a leading real estate investment trust in the UAE with a high quality and diversified portfolio of income-generating assets in strategic locations across Dubai. ENBD REIT has demonstrated a strong track record of performance, consistent dividend distribution, and a steady increase in NAV per share.”

The K&L Gates team was led by capital markets partner Owen Waft, who was primarily assisted by associate Mona Lemp with support from counsel Adela Mues, associates Jennifer Lovesy, Hamzeh Al Rasheed and Rachel Dawson, as well as paralegal Christine Jung.

“We are delighted to have partnered with Emirates NBD Asset Management, one of the leading asset management brands in the region, to advise ENBD REIT on its successful IPO and fundraising,” said Owen Waft. “This is only the second IPO of a REIT in the United Arab Emirates and we are fortunate to have had the opportunity to advise the listing REIT on both of these offerings”.

ENBD REIT invests in Sharia’a-compliant real estate assets and its securities are listed on Nasdaq Dubai as shares. REITs are a fund through which investors receive income from the properties in which the REIT invests, through dividends.

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K&L Gates comprises approximately 2,000 lawyers globally who practice in fully integrated offices located on five continents. The firm represents leading multinational corporations, growth and middle-market companies, capital markets participants and entrepreneurs in every major industry group as well as public sector entities, educational institutions, philanthropic organizations and individuals. For more information about K&L Gates or its locations, practices and registrations, visit klgates.com.

© Press Release 2017