Linklaters has advised the Emaar Malls Group LLC, a wholly-owned subsidiary of Emaar Properties PJSC, on its inaugural $750 million 10 year debut Sukuk issue. Emaar Malls is the operator of numerous malls, shopping centres and other retail shopping developments in Dubai, including The Dubai Mall, one of the world’s largest shopping malls.
The benchmark offering was managed by 11 international and regional investment banks and the Sukuk have been admitted to the NASDAQ Dubai market.
The issue used a wakala structure, pursuant to which revenue generated by certain real estate related assets of Emaar Malls will be used to pay the periodic distribution amounts on the Sukuk.
Parent company Emaar Properties is listed on the Dubai Financial Market and is a global property developer, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar Properties has recently announced its intention to sell approximately 25 per cent. of its shareholding in Emaar Malls in an initial public offering later this year.
Jonathan Fried, Finance partner at Linklaters, said: “This is a defining deal, not only for Emaar, a company that is central to Dubai’s economy,but also for the growing sukuk market in Dubai and the UAE, and we are delighted to have been able to advise on this important transaction.” He added, “The real estate sector will become an increasingly important one ahead of Expo 2020 in Dubai.”
The Linklaters team was led by Finance partner Jonathan Fried and included managing associate Mark Bell and associate James Barton.
