DarGlobal, the luxury international real estate developer, today celebrates its Admission to the Main Market of the London Stock Exchange.
A highly differentiated real estate business, DarGlobal has been established to develop the international assets of Dar Al Arkan Real Estate Development Company (“DAARE”).
Collaborating with global luxury brands such as W Hotels, Missoni, Versace, Pagani and ELIE SAAB, DarGlobal delivers iconic living experiences across some of the most desirable locations across the Middle East and Europe, including downtown Dubai, Oman in Muscat and the Costa del Sol region in Southern Spain.
The Group focuses predominantly on second homes for internationally mobile and wealthy customers who are less impacted by the macro-economic environment. In the near future, the Group also intends to expand its focus to hospitality assets. The aim is to acquire or build hotels and sell them after a period of three to five years of operation once the hotels’ or resorts’ revenue streams stabilise. Target markets include Southern Spain, Dubai, Maldives, Athens, Marrakesh and London
DarGlobal will trade under the stock ticker ‘DAR’. Having undertaken a Private Placement by issuing 21,621,612 shares a price of US$3.33 cents per share to raise US$72 million gross proceeds. The Company will have a market capitalisation of c. US$600 million, based on the private placement price.
Liberum Capital Limited acted as Capital Markets Adviser on the listing.
Ziad El Chaar, CEO of DarGlobal, said:
“Listing on the London Stock Exchange is a milestone event for DarGlobal and will support in driving forward our ambitious growth trajectory. London was the obvious listing location for the business, as we look to access new capital and build our growth visibility with development and luxury brand partners.
“DarGlobal brings a unique proposition to the listed real estate sector in the UK and we are exceedingly proud to be one of only a few companies listing in London from the GCC region in recent years.”