Latham Advises on Emirates REIT’s US$205M Sukuk Offering

Latham Advises on Emirates REIT’s US$205 Million Sukuk Offering.

Latham & Watkins has advised Emirates REIT, one of the world’s largest listed Shariah-compliant real estate investment trusts, on its decision to fully refinance its existing Sukuk, due in December 2025, with a new US$205 million Sukuk maturing in 2028. The new Sukuk has received a BB+ rating from Fitch, reflecting Emirates REIT’s strong financial position and robust credit profile.

The new Sukuk carries a profit rate of 7.5% in years 1-3 with a step up to 8.25% in year 4.

Thierry Delvaux, CEO of Equitativa (Dubai) Ltd, the manager of Emirates REIT, emphasized the importance of this refinancing milestone. Over the past year, Emirates REIT has reduced its outstanding financings by over US$190 million, bringing its Financing to Value ratio below 26%. These positive developments, combined with strong operational results, allowed the REIT to achieve its target BB+ rating for the new Sukuk. Thierry Delvaux added: “The positive response from both domestic and international investors is a clear testament to the quality of the REIT’s assets and the effectiveness of our strategy. With the refinancing now firmly in place, our efforts will focus on capitalizing on Dubai’s dynamic growth to create shareholder value.”

The Latham & Watkins team, led by Dubai-based partners Basil Al-Jafari and Christian Adams, along with associates David Hayward and Lois Pickering, provided essential legal guidance throughout the Sukuk issuance process. Their extensive experience with complex financing structures, particularly in Shariah-compliant real estate, played a pivotal role in ensuring the success of the offering.

Emirates REIT, founded in 2010, Emirates REIT is the first Real Estate Investment Trust (REIT) in the Middle East. It was the first REIT to be listed on Nasdaq Dubai in April 2014, with seed investors including Dubai Islamic Bank, Tecom, and Dubai Properties. Emirates REIT has successfully raised USD 400 million through a Sukuk in 2017 and currently manages assets valued at approximately USD 842.7 million. The REIT focuses on Shariah-compliant commercial, office, retail, and educational properties in Dubai, delivering stable returns to investors while adhering to high standards of governance, sustainability, and growth.

Latham & Watkins LLP is a leading global law firm known for its expertise in corporate, litigation, and transactional law. With over 2,000 attorneys in 14 countries, the firm advises clients across a wide range of industries, including technology, healthcare, finance, and energy. Founded in 1934, Latham & Watkins is renowned for its work with emerging companies, offering legal solutions for startups and growth-stage businesses. The firm’s Emerging Companies & Growth team helps navigate complex legal matters related to business formation, financing, and scaling, making it a trusted partner for innovative companies worldwide.

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