White & Case advises on Emlak Konut’s US$650 Million debut lease certificate issuance
White & Case and GKC Partners advised the joint global co-ordinators, joint bookrunners, and the representative on Emlak Konut Varlık Kiralama A.Ş.’s standalone debut issuance of US$650 million lease certificates due 2031.
The obligor on the issuance is Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş. Its ultimate controlling party is TOKİ (the Housing Development Administration of Türkiye), a state institution under Türkiye’s Ministry of Environment, Urbanisation and Climate Change.
The Lease Certificates were admitted to trading on the International Securities Market of the London Stock Exchange.
The joint global co-ordinators were HSBC Bank plc and Emirates NBD Bank PJSC. The joint bookrunners comprised Abu Dhabi Islamic Bank PJSC, Arab Banking Corporation (B.S.C.), Arqaam Capital Limited, Dubai Islamic Bank PJSC, Emirates NBD Bank PJSC, KFH Capital Investment Company K.S.C.C., HSBC Bank plc, Sharjah Islamic Bank PJSC and Warba Bank K.S.C.P. The representative was HSBC Corporate Trustee Company (UK) Limited.
The White & Case team
The White & Case team that advised on the transaction was led by partner Debashis Dey (Dubai & London) with support from partner Richard Pogrel (London), counsel Derin Altan (Istanbul) and associates Eren Ayanlar, Amir Mehdizadeh Iranpour, Patrick Chindo (all Dubai) and Muhammed Aşula (Istanbul). White & Case has a professional association with Istanbul-based GKC Partners.
