Saturday , February 23 2019

Aldar completes refinancing with $500mn sukuk

ABU DHABI / WAM

Aldar Properties on Wednesday announced that its 100% owned subsidiary Aldar Investments has successfully issued its debut fixed rate US dollar denominated sukuk, with a tenor of 7 years, raising a total of $500 million.
Aldar Investments is the region’s largest diversified real estate investment company. The new issuance demonstrates Aldar Investments’ ability to raise efficient long-term debt capital independently; and also successfully refinances Aldar’s forthcoming debt maturities.
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.

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