Norton Rose Fulbright has advised luxury real estate developer Dar Global PLC on its listing on the London Stock Exchange, the largest to take place in the UK capital so far this year.
Dar Global is headquartered in Dubai and is the independent international arm to Saudi-listed Dar Al Arkan Real Estate Development Company.
Dar Al Arkan is one of the largest listed real estate developers in the Kingdom with a market capitalisation of US$4 billion and total assets of US$8.5 billion.
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 Al Arkan remains the majority shareholder of Dar Global after the listing, holding 88% of its share capital on admission.
The Norton Rose Fulbright 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 and counsel Shahrzad Askarpour in Dubai.
Millington said: “We are delighted to have been able to support our client on its direct listing, which is the largest listing in London so far this year and was executed in challenging market conditions.”
The transaction involved a corporate reorganisation of the international assets of Dar Al Arkan; entry into separation and relationship arrangements between the company and Dar Al Arkan as its majority shareholder; a pre-listing private placement to new institutional and other investors raising gross proceeds of US$72 million for Dar Global, giving a day one market capitalisation of US$600 million.
