First REIT from the MENA region to access the capital markets
Clifford Chance has advised Emirates REIT (CEIC) Limited (Emirates REIT), the world's largest, publically listed Shari'a-compliant real estate investment trust, on its inaugural US$400 million issuance of 5 year trust certificates. The trust certificates will pay a profit rate of 5.125% per annum and were admitted to trading on the Irish Stock Exchange on 12 December 2017.
Skadden is advising Australia-based Westfield Corporation on its acquisition by Unibail-Rodamco SE of France. The transaction implies an enterprise value for Westfield of $24.7 billion.
King & Spalding (in association with the Law Office of Mohammed Al-Ammar) acted as fund counsel to SEDCO Capital and Wasatah Capital on the establishment of listed Saudi Arabian REITs, SEDCO Capital REIT Fund and Wasatah REIT, respectively, both of which were recently approved by the Saudi Arabian Capital Market Authority (CMA). Both REITs are expected to conduct a public offering and list on the Saudi Arabian Stock Exchange in early 2018.
Watson Farley & Williams (“WFW“) and its Polish partner firm Solivan Pontes have advised Sequoia Investment Management (“Sequoia”) on the project financing of a 55 MW solar portfolio located in Poland. This transaction is the first large project financing under the newly implemented auction support systems in Central-Eastern Europe.
Ashurst advised Tritax Big Box REIT plc ("TBBR"), the only listed vehicle dedicated to investing in very large logistics warehouse assets, as debt issuer of £500 million of unsecured bonds issued under its inaugural £1.5 billion Euro medium term note programme and as borrower under its new unsecured £350 million revolving credit facility.
Dentons advises Echo Polska Properties N.V. (EPP) on the EU692.1 million acquisition of the M1 portfolio of 12 retail properties. The seller is the Chariot Top Group consortium co-managed by Griffin Real Estate through its subsidiaries.
The portfolio comprises 12 retail properties with over 620 stores and a total gross lettable area of . 446,500 sq.m. All assets are single-level, fully-leased and situated on large sites facing motorways. The entire portfolio is subject to a master lease from Metro AG which expires in April 2024.
DLA Piper has advised global real estate advisor CBRE on its investment and strategic partnership with Stowga, the UK's first online marketplace for warehouse occupiers and logistics companies.
Weil has advised Antin Infrastructure Partners (Antin) portfolio company, CATS Management Limited (CML) on its acquisition of a 65% interest in the Esmond Transportation System (ETS) from Premier Oil, Centrica and Perenco, which announced today. CML, based in Aberdeen and Teesside, manages Antin’s business in the North Sea and is focused on investing in critical long-life midstream infrastructure.
Gide advised Hammerson on the sale of the Saint-Sébastien shopping centre in Nancy to AEW Ciloger, on behalf of SCPIs Laffite Pierre and Actipierre Europe, for approximately 162 million euros. Located in the heart of the city, the centre covers 24,000 sq.m. and is host to 105 outlets, including Monoprix, Intersport, C&A and Sephora. Hammerson is the 75% owner of the complex.
Merin acquired a portfolio consisting of 20 office buildings of 134,000 sqm located throughout the Nehterlands for a total value of EUR 180,000,000.