Aldar Investments lists $500m Sukuk on ADX

The latest $500 million Sukuk issued by Aldar Investment Properties - a 100 per cent owned subsidiary of Aldar Properties - was listed on the Abu Dhabi Securities Exchange (ADX), on Thursday.

In a statement posted on the Abu Dhabi Securities Exchange website, the fixed-rate, US dollar-denominated Sukuk, with a tenor of 10 years, carries a coupon rate of 3.875 per cent. The issue was six times oversubscribed, with global investors accounting for 71 per cent of the total transaction allocation.

Aldar Investments owns and manages an Dhs20 billion diversified portfolio of high-quality income-generating residential, retail, commercial and hospitality assets.

This Sukuk issuance follows a successful debut 7 years $500 million Sukuk that was issued by Aldar Investments in 2018, and was the first corporate Sukuk to trade on the ADX. Similar to the 2018 issuance, the new Sukuk will also be traded on the Euronext Dublin exchange.

Commenting on the announcement, Talal Al Dhiyebi, CEO of Aldar, said, “The Aldar Investments Sukuk issuance attracted strong global investor interest to finance a business with robust fundamentals. Secondary market liquidity plays a role in a successful transaction, and our dual listing on the Abu Dhabi Securities Exchange and Dublin Euronext provides a connection to geographically diverse and deep pools of capital.”

Aldar Properties, Abu Dhabi’s leading property development, management and investment company, has reported a 20% year-on-year increase in revenue to Dhs1.76 billion in the first quarter of 2019.

WAM