Herbert Smith Freehills has advised SHUAA Capital and Emirates NBD on the IPO and admission to trading on NASDAQ Dubai Limited of Emirates REIT (CEIC) Limited, the UAE-based real estate investment trust.
This is both the first Nasdaq Dubai IPO since 2009 and the first Shari’a compliant, regulated real estate investment trust to be incorporated in the Dubai International Financial Centre (DIFC). The intention to list was announced on 11 March 2014 and admission took place on 8 April 2014.
Emirates REIT, which has a total asset value of AED1.1 billion, raised gross proceeds of US$201 million (including the exercise of the over-allotment arrangements). The net proceeds from the offering will be used for future acquisitions and investment in its existing portfolio of assets. Strong investor demand resulted in the offer being 3.5 times over-subscribed.
The Herbert Smith Freehills team in London and Dubai was led by US capital markets partner Alex Bafi with support from corporate partner Judith Watson, senior associates Dennis Hermreck and Robert Hatton in London, Marie Petit in Dubai and Hazel Shakur Quinn in Abu Dhabi.
Alex Bafi comments: “We are delighted to have advised on this innovative IPO for Emirates REIT which is a great example of collaboration among our London, Dubai and Abu Dhabi teams.”
Emirates REIT was advised by K&L Gates.
