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
"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
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...