Dubai's Damac Properties said on Tuesday that it has raised $100 million through private placement of 18-month sukuk certificates.

The certificates, rated BB by Standard & Poors, were issued by its unit Damac Real Estate Development (DRED), it said in a bourse statement.

Emirates NBD was the sole lead manager for the transaction. Dred was advised by Dentons & Company in this transaction.

Commenting on the sukuk, Adil Taqi, the chief financial officer of Damac, said: “The proceeds of the offering will be used for general corporate purposes and for the acquisition of land plots to strengthen and extend the company’s development pipeline, in accordance with our medium-term funding strategy.”-Reuters and TradeArabia News Service