Fitch had downgraded Emirates REIT by several notches after it made the exchange offer. It is offering sukuk holders, for each $1,000 in face amount of their sukuk, $950 in face amount of new notes and $50 in cash. Emirates REIT needs 75% of its creditors to consent to the proposal to exchange the outstanding unsecured sukuk with secured ones. The group includes Arkkan Capital Management Limited, Rasmala Investment Bank Limited, GFH Financial Group, Sancta Capital, SC Lowy Primary Investments, Plenisfer Investments, Emirates NBD Asset Management, Shuaa Capital and Saray Capital. The group said it had been in talks with Emirates REIT for several months "to reach agreement on transaction terms that would provide satisfactory structural protections and economic returns for the holders of the new secured certificates".

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