Palmon Group Reit circles Dubai assets ahead of planned IPO - The National:
Dubai-based Palmon Group, a diversified family conglomerate, is hunting for assets to build up its newly launched logistics and industrial real estate investment trust, Manrre Reit, ahead of a planned initial public offering in 2020, its founders said.
“The target is to increase the Reit’s portfolio to Dh500 million, then list it on either the Dubai Financial Market or Nasdaq Dubai stock exchanges by 2020, with the IPO process starting next year,” Kunal Lahori, co-director of the fund and executive director of Palmon Group, told The National in an interview.
Reits are listed funds that own income-producing commercial real estate and distribute about 80-90 per cent of their income as dividends to shareholders.
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