Dubai Holding Ups Reit IPO Size to as Much as $584 Million

Dubai Holding boosted the size of the initial public offering of its residential real estate investment trust, seeking to raise as much as $584 million amid strong demand from domestic and international investors.

The investment firm owned by Dubai’s ruler had earlier planned to raise as much as $487 million from the IPO of Dubai Residential REIT, in what will be the emirate’s first listing of the year. The deal is expected to price at 1.10 dirhams per unit, the top end of the range, and is significantly oversubscribed on the upsized amount, according to terms of the deal seen by Bloomberg.