Dubai – MENA Herald: DAMAC Real Estate Development Limited (DRED) a 100% owned company of DAMAC Properties Dubai PJSC (Ticker DAMAC), a leading developer of high-end and luxury residential property in the Middle East, announced today the issuance of a USD 100 million senior unsecured 18-month certificates by way of a private placement (the “Sukuk”). The certificates are rated BB by Standard & Poor’s in line with DAMAC’s international ratings.
DRED mandated Emirates NBD Capital Ltd. as Sole Bookrunner and Lead Manager on the deal who were advised by international law firm, King & Spalding. DRED was advised by Dentons & Co in this transaction.
Adil Taqi, Chief Financial Officer of DAMAC said: “The proceeds of the offering will be used for general corporate purposes and for the acquisition of land plots to strengthen and extend the company’s development pipeline, in accordance with our medium term funding strategy”.