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  • 08-06-21

    Emirates REIT fails to attract enough votes for sukuk plan

    (MENAFN)Emirates REIT has withdrawn a strategy to exchange a USD400 million sukuk for new paper, following the failing to get enough votes to apply it.

    Some 57 percent of investors had voted with its proposal that fell short of the 75 percent required, according to Equitativa, the manager of the real estate investment trust.

    The UAE’s largest shariah-compliant real estate investment trust had offered sukuk holders the option of exchanging their unsecured notes for a secured, but longer-dated alternative. The obtainable 5.125 percent profit volume would be preserved for the new secured sukuk. As the accessible paper matures in the next year, the new instrument would have completed to 2024.

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