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Dubai-listed Emirates REIT has partially redeemed its $380 million sukuk after announcing the sale of Trident Grand Mall in Jumeirah Beach Residence (JBR) last month.
Equitativa, the manager of Emirates REIT, said that it redeemed $19.27 million of the certificates together with accrued profit. The outstanding principal amount is now reduced to $304.73 million, the REIT said in a Nasdaq Dubai statement.
Zawya reported last month that the REIT would be expected to look at debt refinance or asset sale after it announced that it was exercising its one-year extension option on its sukuk, which was last refinanced in December 2022.
Despite the one-year extension, the REIT will still need to reduce the outstanding amount to $230 million on December 12th 2024.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
