Emirates Reit closes $400 million sukuk

Emirates REIT, the world’s largest listed Shariah-compliant Real Estate Investment Trust with a rating of BB+ Stable by Fitch, successfully closed a $400 million 5-year sukuk with a profit rate of 5.125 per cent per annum (equivalent to a credit spread of 291 bps over the mid-swap rate).

This landmark transaction marks the first Reit from the Mena region to access the international Sukuk market and obtain a credit rating.