EFG Hermes SAE : Concludes Advisory on USD 105 million ENBD REIT Initial Public Offering on Nasdaq Dubai

​EFG Hermes, the leading financial services corporation in the Middle East and North Africa, successfully concluded today its advisory on ENBD REIT's USD 105 million initial public offering on Nasdaq Dubai. The transaction comprised an offering of ordinary shares outside the United States of America (the 'U.S.') to institutional investors to whom an offer can be made in reliance on Regulation S under the U.S. Securities Act of 1933, as amended (the 'U.S. Securities Act').

This morning, 254,401,340 shares including the 94,594,595 shares issued in the IPO (representing c. 34.3% of the company's issued share capital), began trading under the ticker symbol ENBDREIT. ENBD REIT's total market capitalization at admission was c. USD 282.4 million. ENBD REIT intends to use the net proceeds raised to finance acquisitions of high quality, income-generating real estate assets and make improvements to existing properties as part of its active asset management strategy.

EFG Hermes was Joint Global Coordinator and Bookrunner on the transaction in concert with Emirates NBD Capital. SHUAA Capital acted as Co-Lead Manager. White & Case acted as legal advisor to the Joint Global Coordinators and Bookrunners.

'We are pleased to have successfully concluded our advisory on the IPO of the second of the only two publicly listed REITs in the UAE and our fourth transaction on Nasdaq Dubai,' said Mohamed Fahmi, the Dubai-based Co-Head of Investment Banking at EFG Hermes. 'The offering was well-received and met quality demand as investors looked for efficient exposure to a competitive yield with added room for capital growth supported by a highly-regarded fund manager. We believe that ENBD REIT serves as a differentiated play on Dubai's very solid long-term real estate sector and macroeconomic fundamentals.'

ENBD REIT is a closed-ended investment company managed by Emirates NBD Asset Management Ltd. It invests in a diversified portfolio of income-generating, Shariah-compliant real estate assets in the United Arab Emirates.