UAE property developer Aldar sells $500 mln 10-year sukuk

Abu Dhabi-based Aldar has sold a fixed rate ten-year $500 million sukuk, the company said in an exchange filing on Wednesday.

The sukuk carries a 3.875 per cent profit rate and was six times oversubscribed, said the property developer.

Global investors accounted for 71 per cent of the allocation.

Proceeds from the sukuk will be channelled to refinance existing debt. Aldar owns and manages a 20 billion dirhams diversified portfolio of residential, retail, commercial an d hospitality assets.

Dubai Islamic Bank, First Abu Dhabi Bank, HSBC and Standard Chartered were joint global coordinators and joint lead managers, along with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Emirates NBD Capital and Sharjah Islamic Bank as joint lead managers.

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