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Debt Investor

Approach to leverage

Aldar maintains a conservative financial debt policy to optimise gross debt capacity across both the asset management and development businesses.

am AM Business
  • Debt policy
  • Investment Properties and Operating businesses including IPUD 35-40% LTV
  • Gross debt as at 31 Dec 17 Group: AED 6.0 billion
  • AED 5.9 billion (33% LTV)
  • Debt facilities
    • - Bank loans - term loans
    • - Debt capital markets
am DM Business
  • Debt policy
  • Build-to-sell < 25% LTV Costs incurred + Land
  • Gross debt as at 31 Dec 17 Group: AED 6.0 billion
  • AED 0.1 billion (4% LTV)
  • Debt facilities
    • - Bank loans
    • - RCF and term loans

Credit Rating

MOODY'S S & P
OUTLOOK STABLE NEGATIVE
CREDIT ASSESSMENT BAA2 BBB

Issuance

PROGRAM CURRENCY TENOR PRICING DATE SETTLEMENT MATURITY COUPON SIZE (US$m)
Sukuk US$ 5 Years 26th Nov '13 3rd Dec '13 3rd Dec '18 4.348% $750,000,000

Key Debt Ratios

31 Dec 2017 31 Dec 2017 31 Dec 2017 31 Dec 2014
Gross Debt - (AED billion) 6.0 5.6 5.9 9.2
Weighted Average Interest Rate 3.6% 3.5% 3.0% 2.5%

^Gross Debt to Investment Properties and PP&E
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