Arada successfully closes $100m tap of sukuk issuance

Real estate developer Arada has closed a $100m tap of its existing $350m sukuk, which was issued in June and listed on the London Stock Exchange. The tap was priced at 99 cents on the dollar, with an investor yield of 8.386 per cent.

The tap witnessed resilient demand from the global financial markets, with a lead order of $185m. The proceeds from the tap will be used for general corporate purposes and to support the development of…