The planned flotation of Abu Dhabi Financial Group (ADFG)’s new real estate investment trust (Reit) has been postponed to the first half of 2018 from this year, pending regulatory processes, one of its key advisors said.
ADFG, an alternative investment company with US$5 billion in assets, said in April it planned to float the sharia-compliant Etihad Reit by the end of this year.
The company said in a statement that it had set up the Reit with a seed portfolio of 10 properties, with Abu Dhabi-based property developer Eshraq Properties as one of its founding shareholders.
However, Fawad Tariq Khan, general manager of Dubai-listed investment bank Shuaa Capital, which is advising ADFG on Etihad Reit, said the listing had been delayed.
"We are now looking at the first half of 2018 for the flotation while we go through regulatory processes with exchanges," Mr Khan said in an interview with The National.
Etihad Reit would be the first Reit domiciled in the Abu Dhabi Global Market (ADGM) financial free zone to list in the UAE, but regulatory processes with exchanges were taking longer than expected, he said.
____________
Read more:
[ Abu Dhabi Financial Group plans flotation of Dh3 billion Reit this year ]
[ Emirates REIT may issue sukuk certificates ]
[ ENBD Reit buys Dubai’s first purpose-built student block ]
____________
The Reit, which contains $700m of income-producing assets, is “fully functioning and already yielding dividends”, Mr Khan said.
An established vehicle in the US, Europe and Asia, Reits are a type of publicly listed fund that typically own income-producing commercial real estate and are legally obliged to distribute a proportion of their income, usually 80 or 90 percent, as dividends to shareholders.
The investment instruments are gaining popularity in the Gulf as investors seek more liquid real estate assets than standalone buildings. The largest Reit in the UAE, Emirates Reit, which is owned by Dubai-based fund manager Equitativa, has more than $1bn of real estate assets under management.
Etihad Reit is a mixed-use portfolio, ADFG said, whose initial 10 properties are located across the UAE and have an average occupancy level of over 90 percent.
Disability on screen
Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)
Rosewood and Transparent — heart issues
24: Legacy — PTSD;
Superstore and NCIS: New Orleans — wheelchair-bound
Taken and This Is Us — cancer
Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)
Grey’s Anatomy — prosthetic leg
Scorpion — obsessive compulsive disorder and anxiety
Switched at Birth — deafness
One Mississippi, Wentworth and Transparent — double mastectomy
Dragons — double amputee
MATCH INFO
Europa League final
Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports
Salah in numbers
€39 million: Liverpool agreed a fee, including add-ons, in the region of €39m (nearly Dh176m) to sign Salah from Roma last year. The exchange rate at the time meant that cost the Reds £34.3m - a bargain given his performances since.
13: The 25-year-old player was not a complete stranger to the Premier League when he arrived at Liverpool this summer. However, during his previous stint at Chelsea, he made just 13 Premier League appearances, seven of which were off the bench, and scored only twice.
57: It was in the 57th minute of his Liverpool bow when Salah opened his account for the Reds in the 3-3 draw with Watford back in August. The Egyptian prodded the ball over the line from close range after latching onto Roberto Firmino's attempted lob.
7: Salah's best scoring streak of the season occurred between an FA Cup tie against West Brom on January 27 and a Premier League win over Newcastle on March 3. He scored for seven games running in all competitions and struck twice against Tottenham.
3: This season Salah became the first player in Premier League history to win the player of the month award three times during a term. He was voted as the division's best player in November, February and March.
40: Salah joined Roger Hunt and Ian Rush as the only players in Liverpool's history to have scored 40 times in a single season when he headed home against Bournemouth at Anfield earlier this month.
30: The goal against Bournemouth ensured the Egyptian achieved another milestone in becoming the first African player to score 30 times across one Premier League campaign.
8: As well as his fine form in England, Salah has also scored eight times in the tournament phase of this season's Champions League. Only Real Madrid's Cristiano Ronaldo, with 15 to his credit, has found the net more often in the group stages and knockout rounds of Europe's premier club competition.
MATCH INFO
Euro 2020 qualifier
Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)
TV: Match is shown on BeIN Sports
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
