Emirates REIT (CEIC) Limited’s US$400 million Sukuk offering


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.

With the successful completion of its debut offering, Emirates REIT becomes the first REIT from the MENA region to access the international debt capital markets.

The transaction attracted strong demand from a geographically diverse range of 90 accounts, with international investors comprising 51% of the final US$1.1 billion order book, representing a 2.5 times oversubscription for the transaction.

Standard Chartered Bank acted as sole global coordinator and joint lead manager and Dubai Islamic Bank, Emirates NBD and Warba Bank acted as joint lead managers.

The Clifford Chance team was led by Middle East Head of Capital Markets, Stuart Ure (picture), supported by senior associates Brian O’Leary and Alekhya Prakash and associate Edesili Obetoh.

Involved fees earner: Stuart Ure – Clifford Chance; Brian O’Leary – Clifford Chance; Alekhya Prakash – Clifford Chance; Edesili Obetoh – Clifford Chance;

Law Firms: Clifford Chance;

Clients: Emirates REIT (CEIC) Limited;