LONDON, April 7 (IFR) - JP Morgan and Bank of America Merrill Lynch are to join Morgan Stanley on the syndicate for Emaar Properties' upcoming IPO of its retail and malls business, bankers said.
Last month, Dubai's biggest property firm hired Morgan Stanley to manage an 8-9 billion dirham (US$2.18-2.45 billion) listing of its shopping mall and retail unit, a deal that promises to be the largest ECM transaction in the region since 2008.
Emaar has now appointed JP Morgan to the topline along with Morgan Stanley, while Bank of America Merrill Lynch will be one step below as joint bookrunner.
The listing, which was first contemplated before Dubai's real estate and stock market collapsed in 2009, underscores the extent of the emirate's recovery over the past few years.
Residential property prices increased by more than 20 percent last year and Dubai's main equity index - the best performing bourse in the world in 2013 - is up 18.8 percent so far this year.
Emaar is 31 percent-owned by the Dubai government, which is set to earn a dividend of about US$750 million from the listing. (Reporting by Abhinav Ramnarayan)