UAE - Mubasher: ENBD REIT has refinanced its entire existing debt through a $200 million syndicated Shari’a compliant Murabaha facility with Emirates NBD and the Commercial Bank of Dubai (CBD).
Emirates NBD Capital, the investment banking arm of Emirates NBD, acted as the bookrunner, according to a press release on Thursday.
ENBD REIT’s debt comprised $45 million with Standard Chartered Bank and $150 million with Mashreq Bank.
The syndicated facility with Emirates NBD and CBD will enable the REIT to enhance its overall capital structure and cut the cost of financing.
The Head of Real Estate at Emirates NBD Asset Management, Anthony Taylor, said: "The timely refinancing of our entire debt into a new facility at attractive terms is a major step in strengthening our financial position as we begin to emerge from the pandemic."
Meanwhile, the Group Head of Corporate and Institutional Banking at Emirates NBD, Ahmed Al Qassim, commented: "Our partnership on this transaction will equip them with a tailored facility that will allow them to meet their goals and deliver on their strategy."
