Global legal powerhouse Baker McKenzie has successfully advised FIM Prime Marina Holding Ltd on the Sharia-compliant financing for its acquisition of the prestigious Nuran Marina serviced residences in Dubai Marina. The transaction, valued at AED 133 million, was executed in collaboration with Eshraq Investments and culminated in the financing’s seamless closure on October 23, 2023.
FIM Prime Marina Holding, an exclusive entity wholly owned by a fund under the management of FIM Partners, sought Baker McKenzie’s expertise for this significant acquisition. FIM Partners, an independent investment management firm established in 2008, boasts offices in London, Dubai, Riyadh, and Muscat, managing assets totaling USD 3 billion across diverse asset 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 (pictured), expressed delight at the firm’s role as legal counsel in this noteworthy transaction. “It reflects our banking and finance team’s commitment to delivering excellence in landmark financing deals,” remarked Hussain.
Fares Bou Atme, Director of Real Estate at FIM Partners, conveyed his satisfaction with Baker McKenzie’s contribution to the transaction. “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 advised FIM Prime Marina Holding on all the local legal aspects of the financing transaction. The team was led by Adil Hussain (partner, Banking & Finance) and further included Chaya Gupta (senior associate, Banking & Finance).