A major Dubai property investment fund is in the spotlight after its lenders blocked a debt restructuring plan and raised “serious concerns” about its transparency and governance.
Dubai-based Emirates REIT was forced to withdraw a restructuring proposal for its $400 million dollar Islamic bond after a rare campaign of investor activism something not commonly seen in the conservative Gulf region.
Emirates REIT, the largest Sharia-compliant real estate investment trust (REIT) in the United Arab Emirates, confirmed on Monday that it failed to get the 75% of shareholder votes needed to go ahead with the restructure, which would have included delaying the bond’s maturity date by two years to 2024.
“Emirates REIT has therefore decided t…
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