Dubai-based Emirates REIT has raised $175m by selling 46 per cent of its equity through an initial public offering (IPO).

The company issued 128.7 million new shares at a price of $1.36 a share, which was at the bottom of the pricing range and gives the trust a market capitalisation of approximately $381.2m.

It is set to list on Nasdaq Dubai on 8 April under the ticker ‘REIT’.

The proceeds will primarily be used to fund future acquisition opportunities, while a portion will go towards investment in existing assets. Emirates REIT has shortlisted several potential real estate properties that it believes will complement its existing portfolio.