Clyde & Co, led by finance partner Ashley Painter, has advised AREIT (Arabian Real Estate Investment Trust) on the first commercial mortgage backed securitisation in the UAE, a deal seen as paving the way for other securitisations in the UAE.
AREIT was the originator on the issuance of the US$63 million (£30.9 million) secured floating rate notes with the proceeds used to finance the purchase of a tower in the Dubai Technology and Media Free Zone. The notes achieved ratings of AA- from Fitch and Aa3 from Moody’s.
“This transaction is important for AREIT” explains Painter, “as it enables it to reduce its financing costs and means that future securitisations are possible for AREIT and other clients in the region.”
Painter was assisted on the transaction by Clyde & Co associates Jill Nelson and James Ireland.
Allen & Overy, led by partner Salim Nathoo, advised HSBC. Berwin Leighton Paisner, led by partner Tamara Box, advised AREIT on English law aspects of the transaction.