Aldar Investment Properties LLC, a 100% owned subsidiary of Aldar Properties
, is planning to issue a five- to ten-year fixed rate US dollar denominated sukuk.
The investment unit will begin the roadshow and meetings to issue “the New Aldar Investments Sukuk” in the Middle East, Europe and Asia as of 18 September 2018, Aldar Properties said in a filing to the Abu Dhabi Securities Exchange (ADX) on Monday.
“The outcome of the issue is subject to market conditions and further announcements regarding the sukuk will follow in due course”, according to the filing.
First Abu Dhabi Bank, JP Morgan Securities, and Standard Chartered Bank will be the managers of the debt note, the ADX-listed firm indicated.
Last week, Aldar Properties unveiled it created the region’s largest diversified real estate investment company with over AED 20 billion ($5.4 billion) in assets.
The new investment unit, Aldar Investment, aims to manage greater operational and capital efficiencies to unlock value for shareholders and create the foundation for a new phase of accelerated growth
Aldar Investments has been rated by Moody’s at BAA1, one notch above Aldar, which will enable it to access capital on more favourable terms independently of Aldar and allow it to issue a new sukuk in the near future.
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