Published: January 11, 2011
Property group secures US$310mn in syndicated deal.
Abu Dhabi Islamic Bank (ADIB) has arranged a AED1.14bn (US$310.4mn) syndicated Islamic funding line for UAE real estate developer Majid Al Futtaim (MAF).
The Islamic bank acted as initial mandated lead arranger, sole bookrunner, investment bank and security agent bank in the deal, MAF’s first Islamic funding.
The funding was Dubai’s largest Islamic structured syndication of 2010, according to ADIB. The value of the transaction was increased by 15% following strong demand during book building.
Other banks involved in the deal were Al Khaliji Commercial Bank as mandated lead arranger, Al Hilal Bank, First Gulf Bank and United Arab Bank as lead arrangers and Ajman Bank as arranger.
Clifford Chance was the syndicate’s counsel with MAF advised by Norton Rose.