White & Case advises on US$650 million standalone issuance of Lease Certificates by Emlak Konut Varlık Kiralama

Global law firm White & Case LLP and GKC Partners have advised the joint global co-ordinators, joint bookrunners and the representative on the standalone debut issuance of US$650 million Lease Certificates due 2031 by Emlak Konut Varlık Kiralama A.Ş., with Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş. as the obligor whose ultimate controlling party is TOKİ (the Housing Development Administration of Türkiye), a state institution under Türkiye's Ministry of Environment, Urbanisation and Climate Change. 

"This transaction highlights the strength of the Turkish capital markets framework as a platform for internationally distributed Shari'a-compliant issuances," said White & Case partner Debashis Dey, who led the Firm's deal team. "It was timed perfectly with the re-opening of the GCC sukuk market and was very well received by investors."

The Lease Certificates were admitted to trading on the International Securities Market of the London Stock Exchange.

The Issuer is a Turkish asset leasing company (varlık kiralama şirketi), set up as a special purpose vehicle under Turkish capital markets regulations solely to issue the Lease Certificates and hold the underlying assets for investors. A defining feature of this structure is statutory asset segregation under Turkish law, whereby all assets held by the vehicle form a legally distinct pool protected from attachment or enforcement other than for the benefit of certificate holders, a protection that is preserved even in the event of regulatory intervention.

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 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.

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