Global law firm Norton Rose Fulbright has successfully advised Dar Global, a Dubai-based real estate development company, on its direct listing on the London Stock Exchange. The listing was achieved through a complex corporate reorganisation of the international assets of the Dar Al Arkan group, one of the largest listed real estate developers in Saudi Arabia.
A cross border team from Norton Rose Fulbright’s London and Dubai offices advised Dar Global on its direct listing and admission to the Official List of the Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange.
Dar Global, which serves as the independent international arm of Dar Al Arkan, was established as a platform for international growth and to house the international assets of the company. The move to list directly on the London Stock Exchange was seen as a strategic decision to take advantage of the growing second home markets in luxury locations in Europe and the Middle East.
The successful listing was the result of a multi-faceted transaction, which included a detailed separation and relationship arrangement between Dar Global and Dar Al Arkan as its majority shareholder. This was followed by a pre-listing private placement that raised US$72m for Dar Global, giving a day 1 market capitalisation of US$600m. The final step was the direct listing on the Main Market of the London Stock Exchange.
The listing is expected to provide Dar Global with the resources to continue its growth trajectory and to take advantage of new opportunities in international real estate markets. Dar Al Arkan will remain the majority shareholder of Dar Global after the listing, holding 88% of its share capital on admission.
The team was led by capital markets partner Fiona Millington, counsel Alexander Green and US securities partner Thomas Vita in London and senior corporate partner Zubair Mir (pictured) and counsel Shahrzad Askarpour in Dubai.