Baker McKenzie Advised on AED 133 Million Acquisition for Nuran Marina
Global legal giant Baker McKenzie has successfully steered FIM Prime Marina Holding Ltd through the intricacies of Sharia-compliant financing for its acquisition of the esteemed Nuran Marina serviced residences in Dubai Marina. Valued at AED 133 million, the transaction involved close collaboration with Eshraq Investments and concluded with the financing’s seamless closure on October 23, 2023.
Baker McKenzie’s team of experienced legal professionals# provided comprehensive counsel to FIM Prime Marina Holding Ltd throughout the financing process. The firm’s expertise in Islamic finance proved invaluable in structuring a financing solution that met the client’s specific requirements while aligning with Sharia-compliant principles.
Baker McKenzie’s expertise was enlisted by FIM Prime Marina Holding, an exclusive entity fully owned by a fund managed by FIM Partners, for this substantial acquisition. Established in 2008, FIM Partners is an independent investment management firm with offices in London, Dubai, Riyadh, and Muscat. It oversees a diverse portfolio of assets totalling $3 billion across various classes, including equities, fixed income, and real estate.
Adil Hussain, Partner and Head of the Banking & Finance practice at Baker McKenzie UAE, and Global Head of Islamic Finance, expressed his enthusiasm for the firm’s involvement as legal counsel in this significant transaction. Hussain lauded the team’s expertise in navigating the complexities of Sharia-compliant financing, emphasising the firm’s commitment to providing clients with innovative and tailored solutions in the Islamic finance realm.
“It reflects our banking and finance team’s commitment to delivering excellence in landmark financing deals,” Hussain stated.
Expressing contentment with Baker McKenzie’s role in the transaction, Fares Bou Atme, Director of Real Estate at FIM Partners, conveyed his satisfaction.
“It was a pleasure working with the Baker McKenzie team on this exciting transaction who has ensured the financing was delivered in a timely manner. This flagship transaction, given its prime waterfront location in the heart of the Dubai Marina, is a strategic move for us, as we further expand our real estate footprint into the value-add space,” said Atme.
Baker McKenzie UAE provided counsel to FIM Prime Marina Holding on all the local legal facets of the financing transaction. Guiding the team were Adil Hussain, Partner in Banking & Finance, and Chaya Gupta, Senior Associate in Banking & Finance.