DEAL: Bahrain's first Reit

Author: Lizzie Meager | Published: 5 Jan 2017

Eighteen months after new listing rules were introduced, Bahrain’s first real estate investment trust (Reit) has been listed on the local exchange.

The Eskan Bank Realty Income Trust, also fully shariah-compliant, had been in the works for some time as the issuer awaited further rules for trading Reits in the secondary market.

"Being the first of its kind, the deal was subject to some intense scrutiny by a number of authorities, that wanted a lot of comfort and explanations about various aspects," said ASAR-Al Ruwayeh & Partners’ Simone Del Nevo, who advised the issuer. "There was no real path to follow."

The BD14.4 million ($52.5 million) offering represents 72.9% of the trust’s total size, giving local investors, both retail and institutional, the...



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