Dubai: A group of Emirates REIT creditors has rejected a proposal to exchange $400 million of sukuk securities for new notes and said they have the numbers to block it. In a statement on Wednesday, the certificate-holders said their position was communicated to the company and asked for a meeting the following day "to discuss the concerns of the Ad-Hoc Group and its requirements for the restructuring process." Rothschild & Co. and Clifford Chance are advising the group. The creditors formed a so-called steering committee that includes several certificate-holders with large exposure to lead the talks with Emirates REIT, according to a separate document seen by Bloomberg. The steering committee consists of Aberdeen Standard Investments Ltd, GFH Financial Group, Sancta Capital, Shuaa Capital PSC and Oasis Management Co Ltd, the document showed.