AlDhabaan & Partners in association with Eversheds Sutherland advises Swicorp REIT

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AlDhabaan & Partners in association with Eversheds Sutherland advised Swicorp REIT on a Shari’ah-compliant SAR1.4 billion (USD373 million) facility for its Swicorp Wabel REIT Fund, a REIT that is listed on the Saudi Stock Exchange (Tadawul). The facility was arranged by the National Commercial Bank (NCB). The firm advised on and negotiated a full suite of Islamic finance documents.

The facility is intended to finance the expansion plan of the REIT through new acquisitions of income-generating properties primarily in the Kingdom of Saudi Arabia, excluding Makkah and Madinah.

The transaction was led by partner Fahad AlDehais AlMalki (Riyadh) who led on all Saudi Arabia aspects and Clint Dempsey (Dubai) who led on all banking aspects.  They were supported by principal associate M. Anum Saleem (Riyadh) and associate Luke Robinson (Dubai).

Saudi Arabia managing partner, Fahad AlDehais AlMalki said, “We are delighted to have supported Swicorp on this strategic transaction, a first of its size and kind for a publicly listed REIT in the Kingdom.  We look forward to continuing to work with Swicorp in the future.”  Moreover, partner and head of banking and finance, Clint Dempsey said, “This was a great team effort on a high-profile transaction, demonstrating our growing reputation and expertise in Islamic finance.”

 

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