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11-03-14

Emirates REIT to raise USD135m in IPO

(MENAFN) The first real estate investment trust in the UAE, Emirates REIT, said that it plans to raise at least USD135 million through an initial public offering of shares, Arabian Business reported. The proceeds will be used for possible future acquisitions and investment in existing assets. As of last December, the company had 10 properties comprising 1.2 million square feet of net leasable area, while its total assets were valued at USD333 million.