The Sukuk is the first to securitize future contracted receivables from sub-developers, for its flag ship projects SHAMS Abu Dhabi and Saraya. The transaction includes 3 Classes of Sukuk Certificates rated by both Moody's and S&P.
The proceeds from the Sukuk will be used by Sorouh to finance infrastructure on SHAMS Abu Dhabi as well as other Sorouh projects including Saraya.
The Mandated Lead Arrangers on the transaction are Citi, First Gulf Bank, Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Noor Islamic Bank. Citi is the Global Coordinator for the transaction.
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Sorouh Real Estate launches Dhs4bn Shari'a compliant securitisation
- United Arab Emirates: Monday, July 14 - 2008 at 15:41
- PRESS RELEASE
Sorouh Real Estate PJSC, one of Abu Dhabi's leading master-planners and real estate developers, today announced that it will be marketing Dhs4bn Shari'a compliant securitization Sukuk, over the next few weeks.
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Abu Dhabi-based Sorouh Real Estate PJSC is one of the UAE's leading real estate companies, with projects worth more than Dhs45bn under development. Set up in June 2005 with a capital of Dhs2.5bn, we are now one of the largest real estate developers on the Abu Dhabi Securities Market. In March 2008, we had a market capitalization of around Dhs20.7bn and approximately 40,000 shareholders.The company has more than 200 employees, working in master-planning and master-development and related fields, and is working on some of the most important developments in Abu Dhabi, including Lulu Island, SHAMS Abu Dhabi, The Gate District at SHAMS Abu Dhabi, Alghadeer, Saraya and Golf Gardens. In addition, Sorouh has developed partnerships with Metro-Goldwyn-Mayer Studios Inc. (MGM) and Rubicon, Inc. (Rubicon) to explore the development of entertainment opportunities within Sorouh's real estate portfolio.
Sorouh has received international recognition for its outstanding projects. Recent awards include:
•Best New Business - Middle East Business Achievements Awards 2007
•Best Commercial Project for the Gate District - Abu Dhabi Cityscape 2007
•Best development, Central Park, Shams Abu Dhabi - CNBC Arabian Property Awards 2007
•Best Customer Service Company - Real Estate category, Middle East Excellence Awards Institute 2008
For more information, please contact:
Amel Saad
Senior Corporate Communications Officer
Sorouh Real Estate P.J.S.C.
Tel: +971 2 697 8956
Emily Hewitt / Lis Griffiths
Four Communications Group Abu Dhabi
Tel: +971 55 985 3371 / +971 55 985 3368
Posted by Medilyn Manibo, Assistant News EditorMonday, July 14 - 2008 at 15:41 UAE local time (GMT+4)
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