Emirates REIT’s net income for 9M 2024 surged 60% y-o-y to USD 148.3 mn, driven by a significant unrealized revaluation gain of USD 148.8 mn, according to its earnings release (pdf). Total property income for 9M 2024 rose to USD 62.3 mn, supported by higher rental rates and improved occupancy across its portfolio.

Occupancy climbed 5% y-o-y to 92.5%, with rates rising 10.4% y-o-y across the commercial and retail portfolio. Major properties like Index Tower and European Business Centre saw double-digit growth in both occupancy and rates.

AND- Emirates REIT agreed to fully refinance its existing sukuk, due December 2025, with a new USD 205 mn sukuk maturing in 2028 according to a separate press release. Rated BB+ by Fitch, the new sukuk offers a profit rate of 7.5% in years 1-3, stepping up to 8.25% in year 4.

ADVISORS- HSBC acted as the lead arranger through its Private Credit and Debt Capital Markets teams, with Latham & Watkins providing counsel to Emirates REIT and White & Case providing counsel to HSBC.

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