The Abu Dhabi-based real estate developer Sorouh Real Estate PJSC has plans to begin marketing an AED 4 billion ($1.08 billion) Shariah compliant securitization over the next few weeks, according to market reports.
Citigroup, First Gulf Bank, Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Noor Islamic Bank have been mandated as joint leads on the deal. Citi is the global coordinator for the transaction.
The Sukuk is the first to securitize future contracted receivables from sub-developers for its flagship projects SHAMS Abu Dhabi and Saraya. The transaction will include three classes of Sukuk certificates rated by Moody's Investors Service and Standard & Poor's.
The proceeds from the transaction will be used by Sorouh to finance infrastructure on SHAMS Abu Dhabi as well as other Sorouh projects, including Saraya.