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Dubai Holding seeks up to $500m from REIT listing

By Pramod Kumar
City Walk Dubai, part of the Dubai Holding REIT Alamy via Reuters
City Walk Dubai, part of the Dubai Holding REIT

Dubai Holding aims to raise a maximum of AED1.8 billion ($490 million) from its residential real estate investment trust (REIT) listing.

This month the investment conglomerate owned by Sheikh Mohammed bin Rashid Al Maktoum, the emirate’s ruler, announced floating 12.5 percent of its Dubai Residential REIT, or 1.63 billion units, on the Dubai Financial Market (DFM). 

The offer price range was set between AED1.07 and AED1.10 per unit, implying a market capitalisation of between AED13.9 billion and AED14.3 billion, Dubai Holding said in a statement on Tuesday.

Subscription in the retail and institutional tranches started today and will close on May 20. The final offer price, determined through a book-building process, will be announced on May 21.

REITs are designed to allow smaller investors to access big-ticket property propositions.

The units are expected to start trading on the DFM on or around May 28.

Citigroup, Emirates NBD and Morgan Stanley are joint global coordinators and joint bookrunners for the IPO.

The Dubai Residential REIT manages a portfolio of 35,700 residential units worth AED21 billion ($5.7 billion), across prime developments including City Walk, Bluewaters, Meydan Heights and International City. 

It reported total revenues of AED1.8 billion in 2024.

The REIT is expected to distribute at least AED1.1 billion in dividends for 2025.

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