1. Outbound: Real Estate Investment and General Banking & Finance
Advised a Kuwaiti asset manager in connection with the acquisition of a GBP 200 million portfolio of real estate assets in the UK.
Advised Albilad Investment Company in connection with the acquisition of a commercial property in Belfast, Northern Ireland. The acquisition was financed on a Shari’ah-compliant basis and was the largest office sale ever in Northern Ireland.
Advised a Saudi family office in relation to the provision of a Shari’ah-compliant facility to fund the acquisition of land for development in Vauxhall Cross, London and the subsequent restructuring of that facility.
Advised KFH Capital Investment Company in the formation of three Shari’ah-compliant UK real estate funds in Guernsey. Following the formation of the funds, King &Spalding advised KFH Capital Investment Company in connection with five property acquisitions, two logistics warehouses in the UK (each single tenanted), two retail parks one in England and one in Scotland (multi-tenanted) and a retail property portfolio in England leased to a prominent UK DIY retailer. All five transactions were structured and financed on a Shari’ah-compliant basis.
Advised KFH Capital Investment Company in connection with its successful exit from a number of its UK investments, including a distribution warehouse in Peterborough leased to Amazon.
Advised a Kuwaiti asset manager in connection with the establishment of a private credit fund in Guernsey. The fund will be providing Shari’ah compliant financing to owners of UK real estate.
Advised a Saudi Arabian family office in connection with the buy-out of a 50% interest in a European packaging business from its joint venture partner, including advising on the acquisition financing.
Advised a Saudi Arabian client in connection with multiple private equity investments.
Implemented alternative Shari'ah investment structures enabling Middle East investors and Asset Managers to invest (or as applicable access capital for investment) in alternative products in Europe and the US. Advised clients including American Landmark, Flagship Healthcare Properties, Pacific General Holdings, Riyad Capital, Global Gate Capital, Mohamed Abdullah I. Al Subeaei Investment (MASIC), Warba Bank and Barings.
2. GCC: Real Estate Investment, General Banking & Finance and Private Credit
Advising a Dubai based real estate developer in connection with the financing of over AED 2 billion of real estate developments.
Advised a Saudi Arabian private credit fund in connection with a SAR 250 million financing facility to a Saudi Arabian financing company. The transaction won IFN Commodity Deal of the Year 2022.
Advised Humania Capital, the investment arm of the Bait Al Batterjee Group, as the Saudi borrower in connection with an Istisna – forward Ijarah facility extended by banks, including Gulf International Bank, for the construction of a hotel and rehabilitation centre in Jeddah.
Advising a Saudi Arabia asset manager in connection with financing to two separate funds managed by the asset manager, each of which is constructing a mall, one in Jeddah and one in Riyadh.
Advised a Saudi Arabian real estate developer in connection with over SAR 6 billion of financing to support its projects in Saudi Arabia.
Advised a club of Saudi Banks in connection with the SAR 1.3 billion refinancing of a commercial tower owned by Tadawul Real Estate Company in the King Abdullah Financial District, Riyadh.
Advised a Saudi Arabian bank in connection with a SAR 2 billion facility and a SAR 1.7 billion facility made to two separate borrowers, the proceeds of which were used to acquire land for residential development.
Advised NBK Capital in connection with the sale and lease back transaction of a school in Dubai and the subsequent refinancing of that property with a Shari’ah-compliant facility secured against the school and the revenues under the lease.
Representation of Arcapita Investment Partners Limited in connection with a sale and lease back transaction of 8 warehouses under construction in Al Quoz, Dubai.
Representation of Al Mal Capital in connection with a sale and leaseback of a school in Dubai financed in part with a Shari’ah-compliant facility secured against the school and revenues under the lease.
Represented Malaz Capital and its CMA funds on financing the purchase of two residential compounds in Saudi Arabia, one in Riyadh and one in the Eastern Province. The financing was provided by Arab National Bank.
Advised the manager of a Venture Capital Debt Fund established in the ADGM in connection with its direct lending programme.
Advised Shorooq Partners Ltd, as the manager of the Nahda Fund I L.P., closed a Shari’ah compliant financing agreement with Retailo Technologies Holding Limited.
3. Restructuring
Advising Azmeel Construction Company, a top five Saudi Arabian construction company, in connection with its successful USD 2 billion Financial Restructuring Proceedings under the Saudi Arabian bankruptcy law. The restructuring plan has been approved and the plan is in the process of being implemented. The transaction won the 2022 IFN Awards Insolvency and Restructuring Firm of the Year.
Advising a large Saudi construction company in connection with its Financial Restructuring Proceedings under the Saudi Arabian bankruptcy law.
Advised a UAE retailer in connection the restructuring of its lease agreements with 10 different landlords.
Advising a Dutch bank in connection with the enforcement of a ship mortgage registered against a ship owned by a Saudi Arabian company.
Advising a distressed Saudi Arabian construction company in connection with its restructuring options, including advice to the company in relation to the insolvency processes available under the Saudi Arabian Bankruptcy Law.
Advising an oil services company in its capacity as a creditor of a Saudi Arabian construction company which entered Financial Restructuring Proceedings under Saudi Arabian Bankruptcy Law and is now in liquidation.
Advising a Saudi Arabian real estate development company in relation to a dispute with its main contractor.
Advising a Saudi Arabian steel manufacturing plant in connection with the restructuring of its commercial bank debt.
4. GCC Project Finance
Advised the sponsors on the USD 3 billion cross-border refinancing of the Dolphin Gas Project in the UAE. Dolphin is a joint venture between Mubadala Investment Company, TotalEnergies SE and Occidental Petroleum Corporation and was originally project financed in 2009, with a combination of commercial banks, export credit financing from SACE and a 144a/Reg S international bond. Additional financing was raised in 2012 and 2015.
Advised Sharjah Asset Management in its capacity as a 25% shareholder in the project company constructing a 1.8GW power plant in Sharjah, UAE.
Advised a consortium of Masdar and EDF in connection with the project and financing documents for the DAJ 400MW wind farm in Saudi Arabia.
Advised Arabian Company for Water and Power Development on the Shari’ah-compliant financing for an industrial gases project in Saudi Arabia. The project, which is being financed by a debt package from a group of ten banks, is the first industrial gases project to be financed exclusively on a Shari’ah-compliant basis.
Advised sponsor in connection with Shari'ah-compliant project financing facilities for the construction of a district cooling project at an airport in Saudi Arabia.
Advised sponsor in connection with Shari’ah-compliant project financing facilities to be extended to finance the construction of a potable water project in Saudi Arabia.
Advised a consortium of investors in connection with the entry into a Shari’ah-compliant financing facility with a Dubai based bank the proceeds of which are being used to construct a hospital on Reem Island in Abu Dhabi.
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