Thursday 27, September 2018 by Kudakwashe

Aldar completes successful refinancing with new seven-year $500 million Sukuk

 

The proceeds of the Sukuk issuance will be used to refinance existing Aldar Properties’ debt.

Aldar Properties has announced that its subsidiary, Aldar Investments has successfully issued its debut fixed rate US dollar denominated Sukuk, with a tenor of seven years, raising a total of $500 million.

In a statement, Aldar Properties said that the new Sukuk, the first to be issued by an Abu Dhabi corporate entity since 2013, benefited from strong regional Islamic demand as well as international institutional interest which enabled the issue to be more than twice oversubscribed.

The debut Sukuk from Aldar Investments progresses its funding strategy by positively position the firm within the international investor community as an independent borrower.

Greg Fewer, Chief Financial Officer, said, “We want Aldar Investments to be the most cost-effective platform for real estate ownership in the region and this transaction moves us significantly towards that goal."

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