Real Estate

Saudi Real Estate Refinance Company’s $199 Million Sukuk Notes Offering

White & Case advised the Saudi Real Estate Refinance Company (SRC) on the establishment of its inaugural domestic SAR 11 billion Sukuk Issuance Programme, and the issuance thereunder of SAR 750 million across four Series.

The transaction has been recognized by Islamic Finance News as ‘Real Estate Deal of the Year’ and ‘Saudi Arabia Deal of the Year’.

The four fixed rate Series of Sukuk issued comprised a SAR 150,000,000 Series due 2023, a SAR 50,000,000 Series due 2025, a SAR 50,000,000 Series due 2028 and a SAR 500,000,000 Series due 2024. All of the Sukuk were privately placed, with HSBC Saudi Arabia the sole Arranger of the Programme and Manager of the issuances.

White & Case, together with its associated firm in Riyadh, The Law Firm of AlSalloum and AlToaimi, advised on the transaction with a team led by partner Debashis Dey (Picture) and association partner Zeyad AlSalloum (Riyadh), with support from counsel Xuan Jin (Dubai) and associate Majed Alkuraydis (Riyadh).

Source: Global Legal Chronicle

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