16 December 2013
The Dubai office of Clifford Chance LLP has advised Standard Chartered Bank as Global Coordinator and Joint Lead Manager, Dubai Islamic Bank PJSC, First Gulf Bank PJSC, Goldman Sachs International and National Bank of Abu Dhabi PJSC as Joint Lead Managers and Abu Dhabi Islamic Bank PJSC and Union National Bank PJSC as Senior Co-Lead Managers on the issuance by Aldar Properties PJSC (Aldar) of the US$750 million 4.348% trust certificates due 2018 (the Sukuk) listed on the Irish Stock Exchange.
The transaction involves the grant by Aldar to the issuing entity (Sukuk Funding (No. 3) Limited (the Trustee)) of a musataha right to use, develop and benefit from certain plots of land in Abu Dhabi. This musataha right in a portfolio of assets is then leased back by the Trustee to Aldar for the duration of the Sukuk in return for periodic distributions of profit for onward distribution to the certificate holders.
The offering represented Aldar's first debt capital markets issuance since the mid-2013 merger with Sorouh Real Estate Company PJSC and attracted exceptionally strong demand with orders from 110 accounts across the Middle East, Europe and Asia, with a total order book that was three and a half times oversubscribed at US$2.6 billion.
The Clifford Chance team was led by partner Debashis Dey supported by senior associate Claire Barker and associates Mark Dickinson and Brian O'Leary. Clifford Chance's London based trust team, led by counsel Claudio Medeossi with support from associate Stuart Mason, advised Citibank N.A., London Branch in its capacity as Delegate of the Trustee issuer.
Clifford Chance continues to be recognised for its cutting-edge work in the Middle-East with the Firm recently being named Middle East Law Firm of the Year by Chambers Global 2013 and IFLR Middle East International Law Firm of the Year 2012. The Capital Markets practice was awarded the prestigious "Sukuk Deal of the Year" at the Euromoney Islamic Finance Awards for its work on the US$1.5 billion Republic of Turkey sukuk. The team also won five separate Islamic Finance News Awards for its work on sukuk across Asia and the Middle East in the past year.
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For further information about Clifford Chance see www.cliffordchance.com
For further information about this release contact Heidi Olsen on +971 4 362 0668
The Dubai office of Clifford Chance LLP has advised Standard Chartered Bank as Global Coordinator and Joint Lead Manager, Dubai Islamic Bank PJSC, First Gulf Bank PJSC, Goldman Sachs International and National Bank of Abu Dhabi PJSC as Joint Lead Managers and Abu Dhabi Islamic Bank PJSC and Union National Bank PJSC as Senior Co-Lead Managers on the issuance by Aldar Properties PJSC (Aldar) of the US$750 million 4.348% trust certificates due 2018 (the Sukuk) listed on the Irish Stock Exchange.
The transaction involves the grant by Aldar to the issuing entity (Sukuk Funding (No. 3) Limited (the Trustee)) of a musataha right to use, develop and benefit from certain plots of land in Abu Dhabi. This musataha right in a portfolio of assets is then leased back by the Trustee to Aldar for the duration of the Sukuk in return for periodic distributions of profit for onward distribution to the certificate holders.
The offering represented Aldar's first debt capital markets issuance since the mid-2013 merger with Sorouh Real Estate Company PJSC and attracted exceptionally strong demand with orders from 110 accounts across the Middle East, Europe and Asia, with a total order book that was three and a half times oversubscribed at US$2.6 billion.
The Clifford Chance team was led by partner Debashis Dey supported by senior associate Claire Barker and associates Mark Dickinson and Brian O'Leary. Clifford Chance's London based trust team, led by counsel Claudio Medeossi with support from associate Stuart Mason, advised Citibank N.A., London Branch in its capacity as Delegate of the Trustee issuer.
Clifford Chance continues to be recognised for its cutting-edge work in the Middle-East with the Firm recently being named Middle East Law Firm of the Year by Chambers Global 2013 and IFLR Middle East International Law Firm of the Year 2012. The Capital Markets practice was awarded the prestigious "Sukuk Deal of the Year" at the Euromoney Islamic Finance Awards for its work on the US$1.5 billion Republic of Turkey sukuk. The team also won five separate Islamic Finance News Awards for its work on sukuk across Asia and the Middle East in the past year.
-Ends-
For further information about Clifford Chance see www.cliffordchance.com
For further information about this release contact Heidi Olsen on +971 4 362 0668
- Clifford Chance has in the past two years launched offices in Doha, Casablanca and Istanbul as it continues to serve clients across the Middle East and North Africa. Clifford Chance announced in March 2013 that it had received approval from the Saudi Ministry of Commerce and Industry to set up a mixed Saudi and foreign lawyer partnership, making it the first international law firm to establish formally in this way in the Kingdom of Saudi Arabia. It is intended that the new partnership will be operational from 1 January 2014.
- Clifford Chance's capital markets practice is a leading player in US capital markets, Euromarkets and Asia, with over 400 legal advisers worldwide. The practice offers integrated legal advice covering the full spectrum of global capital raising activities including public and private domestic and international offerings of traditional debt and equity securities as well as convertible and other derivative and structured securities. Clients include issuers, originators, arrangers, managers, investors and other finance providers, trustees, rating agencies, monoline insurers and swap counterparties from a variety of industry sectors. For more information please visit: http://www.cliffordchance.com/legal_area/capital_markets.html
- Clifford Chance is one of the world's pre-eminent law firms with significant depth and range of resources across five continents. As a single, fully integrated, global partnership, we pride ourselves on our approachable, collegiate and team based way of working. We always strive to exceed the expectations of our clients, which include corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not for profit organisations. We provide them with the highest quality advice and legal insight, which combines the Firm's global standards with in-depth local expertise.
- Clifford Chance was ranked 'tier one' in more cross-border tables than any other firm in the Chambers Global 2013 Directory. This independent analysis focuses on firms' legal ability, professional conduct, client service, and commercial awareness, and these rankings provide outstanding recognition for the Firm's breadth of expertise and consistency of quality across global markets.
Press Release 2013
