K&L Gates advises on first IPO on NASDAQ Dubai in five years

April 12, 2014 4:56 pm

Global law firm K&L Gates LLP has advised Emirates REIT (CEIC) Limited (Emirates REIT), the United Arab Emirates-based real estate investment trust, on its initial public offering (IPO) on NASDAQ Dubai – the first IPO in the UAE in five years. The IPO raised $175m (before the exercise of the over-allotment arrangements) and was over-subscribed 3.5 times.

Emirates REIT is the first Shari’ah compliant regulated real estate investment trust incorporated in the Dubai International Financial Centre.

In addition to the IPO being the first in the UAE since the 2008 crash, this was the first-ever IPO of a DFSA-regulated real estate investment trust and, also, the prospectus and IPO documentation were fully Shari’ah compliant, giving K&L Gates unique experience in the region.

“We are delighted to have advised Emirates REIT on its successful IPO and fundraising,” said Dubai capital markets partner Owen Waft. “The success of the Emirates REIT IPO is yet another indicator of the recovering capital markets and of broader economic growth in the region and the rebounding property market in the UAE.”

The K&L Gates capital markets team that advised Emirates REIT is based in Dubai and is led by partner Owen Waft. Waft was assisted by capital markets associates Jennifer Lovesy and Amr Jaghoub and corporate associate Leonard Taylor. Finance/regulatory partner Natalie Boyd and real estate counsel Joanna Klat also supported the team.