Aldar Investment Properties, a fully owned subsidiary of Abu Dhabi’s largest developer Aldar Properties ALDAR.AD, on Tuesday began marketing a 10-year sukuk, or Islamic bonds, worth $500 million, a document issued by one of the banks leading the deal showed.
The bonds offer an initial price guidance of around 260 basis points over mid-swaps, the document said.
Dubai Islamic Bank, First Abu Dhabi Bank, HSBC and Standard Chartered have been hired to coordinate the debt sale, which will be completed later on Tuesday.
Aldar’s shares are traded on the Abu Dhabi Securities Exchange and it is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders.
Source Reuters