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Emirates REIT, the United Arab Emirates’ first real estate investment trust said that it will sell its shares on the Nasdaq Dubai bourse to raise at least $135mn (AED 500mn).

The company will use the proceeds for possible future acquisitions and investment in existing assets, according to Reuters.

The value of the company is not known yet, and the IPO will be conducted through a book building process. Current stakeholders will not sell their shares in the IPO, as new shares will be issued for the offer.

Emirates REIT, which was formed in 2010 and complies with Islamic investment principles, has income-generating assets worth $210mn (AED 770mn). It appointed Shuaa Capital and Emirates NBD joint bookrunners for the IPO.