Dubai’s Emirates Reit Increases Share Sale Size to Meet Demand - Bloomberg:
"Emirates Reit, the United Arab Emirates’ first real-estate investment trust, raised the size of its share sale to $175 million to accommodate investor demand for Dubai’s first equity issuance in at least five years.
The closed-end fund increased the amount from $150 million as the initial public offering was three-and-a-half times oversubscribed, the company said in a statement. It offered 128.6 million shares at $1.36 a piece, taking the market capitalization of Emirates Reit to $381.2 million and the free float to 46 percent.
The pricing was at the lower end of the indicative range of $1.36 to $1.56, according to the fund. Home prices in Dubai could jump as much as 40 percent this year, according to the emirate’s Land Department. The sheikhdom’s economy may expand 4.7 percent in 2014 after recording the fastest growth in six years in 2013. Emirates Reit wants to capitalize on resurgent interest in real estate in Dubai, where economic growth and property prices have rebounded since 2009."
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