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Dubai-based real estate investor Emirate REIT has agreed to a $75 million new financing from Commercial Bank of Dubai (CBD), the first since it refinanced its $400 million sukuk earlier this month.
Equitativa Dubai, the manager of the real estate investment trust (REIT), said the proceeds of the facility will be used to refinance part of its existing financial indebtedness.
The new facility’s profit rate has been set at a three-month EIBOR (Emirates Interbank Offered Rate) + 4.0%, with a gradual step-up amortisation over a seven-year period, followed by bullet repayments of 65% at year seven, the REIT said.
In a statement to investors, Equitativa said the facility is in line with its strategy.
(Reporting by Imogen Lillywhite; editing by Cleofe Maceda)
