Emirates NBD Capital Completes UAE's First IPO in 2017

Emirates NBD Capital Limited (EMCAP), the investment banking division of Emirates NBD PJSC, one of the largest banking groups in the Middle East by assets, has successfully completed its role in the landmark IPO of ENBD REIT, which admitted shares to trading on Nasdaq Dubai on 23^rd March.

     (Photo: http://mma.prnewswire.com/media/486769/EMCAP.jpg )

EMCAP acted as Listing Advisor to ENBD REIT, as well as Joint Global Coordinator and Joint Bookrunner. ENBD REIT successfully issued 94,594,595 ordinary shared at a price of US$ 1.11 per share, which climbed to US$ 1.17 (up 5.17%) on the first day of trading. The IPO was Dubai's first since Dubai Parks & Resorts floated in December 2014, a transaction on which EMCAP was also Joint Global Coordinator and Joint Bookrunner.

ENBD REIT's offer was well over-subscribed with commitments from a mix of investors representing both financial institutions and family offices across the GCC. The final offer price of US$ 1.11 per share was equivalent to a 7.5% discount on net asset valuation (NAV).

Commenting on EMCAP's leadership on the transaction, Mr. Ahmed Al Qassim, CEO of Investment Banking at EMCAP, said:

"The success of ENBD REIT's listing reinforces our position as the UAE's top IPO investment bank for listings on Nasdaq Dubai and DFM. We've consistently played a leading role in recent IPOs, providing our clients with best-in-class advisory and unparalleled investor coverage. The strong demand experienced by ENBD REIT's offer was a clear testament to the appetite that exists for such strong equity stories."  

EMCAP was financial adviser prior to the IPO process, working closely with Emirates NBD Asset Management, the REIT's manager, on pre-IPO preparation, evaluation of options and transaction structuring before the decision was made to go ahead with an IPO.

Commenting on EMCAP's role as Listing Advisor, Mr. Tariq Bin Hendi, Director of ENBD REIT, said:

"We're very pleased to have had the exceptional support of EMCAP throughout our IPO. Their capital markets expertise has been of enormous value to the real estate team, and they've been a trusted partner on every step of this long and exciting journey. With EMCAP's help our team has successfully undertaken the process of restructuring and re-domiciling an open-ended vehicle to become a closed-ended investment company that is now publicly traded on Nasdaq Dubai. This was a truly impressive achievement for all involved."  

EMCAP's role in the transaction was part of a wider, group-level involvement by Emirates NBD in the incorporation and listing of ENBD REIT. Emirates NBD Asset Management, a wholly-owned subsidiary of the Bank, is the fund manager for the REIT (previously Emirates Real Estate Fund).

About: Emirates NBD Capital  

Emirates NBD Capital is the Investment Banking arm of the Emirates NBD Group, serving regional and international clients with on-the-ground expertise to compliment the Group's presence and balance sheet strength. The platform offers unrivalled Investment Banking capabilities across Loan Syndications, Debt Capital Markets, M&A and Equity Capital Markets through highly experienced and dedicated teams. Emirates NBD Capital has market leading positions across all its product lines including #1 position in the UAE equity capital markets.

About: ENBD REIT 

ENBD REIT (CEIC) Limited ("ENBD REIT") is a Shari'a compliant real estate investment trust managed by Emirates NBD Asset Management Limited (the "Fund Manager"). ENBD REIT is a closed-ended investment company that was incorporated by the Fund Manager to invest in a diversified Portfolio of Shari'a-compliant real estate assets in the UAE. ENBD REIT has an unlimited duration and was established in the DIFC by the Fund Manager on 18 July 2016 under the Companies Law with the name "Emirates Real Estate Fund Limited" and with registration number 2209. The Fund subsequently changed its name to "ENBD REIT (CEIC) Limited". ENBD REIT is categorised under DFSA law and regulations as a Public Fund, a Domestic Fund, an Islamic Fund, a Property Fund and a Real Estate Investment Trust (REIT). ENBD REIT has been established with the main investment objective of generating income returns and capital appreciation from real estate assets. ENBD REIT plans to achieve its objectives through the following strategies: (i) prudent acquisitions with a focus on achieving diversification; and (ii) active asset management and enhancement. For more information, visit: http://www.enbdreit.com

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