Contact Information: Contact: King & Spalding Les Zuke +1 212 827 4392 lzuke@kslaw.com
King & Spalding Advises on EUR 16.3 Million Real Estate Refinancing
| Source: King & Spalding
LONDON--(Marketwire - January 19, 2010) - King & Spalding announced today that it represented
a Luxembourg-based Shari'ah-compliant real estate fund advised by Pramerica
Real Estate Investors in connection with a EUR 16.3 million
Shari'ah-compliant refinancing of an Hungarian shopping and entertainment
centre.
King & Spalding was responsible for structuring the Shari'ah-compliant
refinancing, which was structured on an Ijara-wa-iqtina (lease-to-own)
basis with a complex split structure due to the anchor tenant having
already entered into a long-term lease. This transaction represents the
first Shari'ah-compliant Ijara-wa-iqtina to be implemented in Hungary. Hypo
Investmentbank AG provided the debt funding for the refinancing.
The King & Spalding legal team on the transaction was led by partner Jawad
I. Ali with assistance from associate Robin Balmer.
"The completion of this refinancing culminates an active period for the
Middle East and Islamic finance practice at King & Spalding, which has
advised clients on Shari'ah-compliant financings and refinancings across
Europe and the Middle East, including the UK, the Netherlands, Turkey,
Saudi Arabia, Dubai and now Hungary," Ali said. Balmer added: "In addition
to its Shari'ah-compliant structure, the Pramerica transaction also posed
challenges arising from its split structure and Hungarian law, which we
overcame with innovative solutions."
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