White & Case advises HSBC on US$205 million secured sukuk issuance by Emirates REIT

Global law firm White & Case LLP has advised HSBC Bank plc in its capacity as Sole Arranger and Bookrunner through its private credit and debt capital market teams on the US$205 million offering of secured trust certificates due 2028 by Emirates REIT (CEIC) PLC, one of the world's largest listed Shariah-compliant real estate investment trusts.

"This innovative sukuk transaction demonstrates the growing appeal of private credit solutions in providing strategic refinancing needs for Gulf Cooperation Council issuers like Emirates REIT," said White & Case partner Debashis Dey, who led the Firm's deal team.

The trust certificates were issued by Emirates REIT Sukuk III Limited, a special purpose vehicle incorporated in the Cayman Islands, and were admitted to trading on The International Stock Exchange. HSBC drew on its private credit and debt capital markets capabilities to structure and execute the transaction. The proceeds were used to refinance Emirates REIT's existing trust certificates due December 2025.

The White & Case team which advised on the transaction included partner Debashis Dey (Dubai & London), local partner Greg Pospodinis (Dubai) and associates Marcin Zawadzki, Ola Sanni and Patrick Chindo (Dubai).

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