Qatar Real Estate Investment Company (QREIC) has signed a $375 million Islamic financing package, lead managed by a group of four banks. The facility will be split between a syndicated loan and a sukuk, the first to be issued by a local corporate. Doha launched a $700 million sovereign sukuk in late 2003 explicitly designed to set a benchmark for corporate issuance (MEED 3:10:03).
The loan will be worth about $100 million and syndication is due to be launched imminently. Also due to be staged soon are roadshows, confined to the GCC, for the sukuk. Both tranches have a tenor of 10 years. The lead managers are Dubai Islamic Bank, Gulf International Bank, Qatar National Bank - through its recently formed subsidiary Qatar al-Islami - and Standard Chartered Bank. Clifford Chance is the legal adviser.The loan is for general corporate purposes while the sukuk funds will be assigned to specific projects. Among the schemes being carried out by QREIC is the estimated QR 600 million ($164.8 million) Al-Sadd mixed-use development in Doha (MEED 9:12:05).
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