(Bloomberg) -- Peninsula Real Estate is facing delays to its planned Abu Dhabi initial public offering as it hasn’t secured regulatory approval yet, according to people familiar with the matter.

Peninsula had been targeting a $550 million listing in the first half of the year but the deal is now more likely to take place later in 2023, the people said, asking not to be identified as the information isn’t public. The firm is working through requests from the United Arab Emirates’s securities regulator, they said. 

The UAE’s Securities and Commodities Authority has asked Peninsula to change its legal structure and become a real estate investment trust ahead of the IPO, the people said. Peninsula had originally planned to turn into a REIT after the listing, they said.

“Peninsula has constructed a high quality and diversified commercial real estate portfolio that centers on the robust market of the UAE,” a representative for the firm said. “Achieving the company’s goals includes taking advantage of the progressive regulations of the Securities and Commodities Authority to ensure adherence to global best practices.” 

The SCA wasn’t immediately available for comment.

The real estate investment company has secured a number of investments ahead of the planned IPO, including from Abu Dhabi’s Yas Holding LLC and New York-based Fortinbras Enterprises. No value was provided for either of the deals.

Peninsula initially considered listing a real estate investment trust in London, but abandoned that plan in favor of an Abu Dhabi offering — attracted by initiatives including a dedicated IPO fund and by the strength of the local market. The firm also has a partnership with the Abu Dhabi Investment Office. 

The company is working with Emirates NBD PJSC, First Abu Dhabi Bank PJSC, HSBC Holdings Plc and Morgan Stanley on the share sale, Bloomberg reported last year.

--With assistance from Archana Narayanan.

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