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Latham Advises on Emirates REIT’s US$205 Million Sukuk Offering
December 12, 2024
Dubai team advises the real estate investment trust (REIT) on the issuance.
Latham & Watkins has advised Emirates REIT, one of the world’s largest listed Shariah-compliant real estate investment trusts, on the issuance by Emirates REIT Sukuk III Limited of US$205,000,000 secured trust certificates due 2028, to be listed on The International Stock Exchange. The proceeds will be used to fully refinance Emirates REIT’s existing sukuk due December 2025. The new Sukuk carries a profit rate of 7.5% in years one to three with a step up to 8.25% in year four and is rated BB+ by Fitch.
HSBC acted as the lead arranger of the transaction through its private credit and debt capital markets teams.
The Latham team was led by Dubai partners Basil Al-Jafari and Christian Adams, with associates David Hayward and Lois Pickering.