Dentons advises on Emirates REIT Sukuk issuance

Dentons has advised the Joint Lead Managers on the issuance of USD400 million Trust Certificates due 2022 (Sukuk) by Emirates REIT (CEIC) Limited (Emirates REIT), which completed on December 12, 2017.  The transaction represents Emirates REIT’s inaugural capital markets issuance and the first sukuk issuance by a REIT based in the MENA region.

The Sukuk were listed on the Irish Stock Exchange and were offered to sophisticated investors outside of the United States in reliance on Regulation S under the US Securities Act 1933.

Standard Chartered Bank acted as sole global co-ordinator, together with Dubai Islamic Bank, Emirates NBD and Warba Bank as joint lead managers on the issuance. Dar Al Shariah acts as an advisor to Emirates REIT on matters of Shariah.

Dentons Capital Markets partner Alex Roussos said, “We are delighted to have been involved in this momentous transaction for the company.  This has been a remarkable transaction, bearing in mind the nature of the company’s business and the fact that no other REIT globally has ever issued Islamic paper before. It’s a very positive development for the Islamic capital markets industry as a whole as it yet again demonstrates the breadth and variety of issuers in our markets.”

The Dentons team was led by partner Alex Roussos, with assistance from senior associate Katie Phillips and associate Sana Siddiqui.