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Dubai, UAE: Leading global law firm, Baker McKenzie, acted as legal counsel to FIM Prime Marina Holding Ltd, a special purpose entity wholly owned by a fund managed by FIM Partners, in relation to the Sharia compliant financing of its acquisition of the Nuran Marina serviced residences in Dubai Marina, from Eshraq Investments PJSC ("Eshraq") for a purchase price of AED 133 million. The financing successfully closed on 23 October 2023.
Founded in 2008, FIM Partners is an independent investment management firm with offices in London, Dubai, Riyadh, and Muscat, that specializes in managing investments across various asset classes, including equities, fixed income and real estate with USD 3 billion of assets under management. This acquisition enables FIM Partners to strategically expand its footprint within its value-add strategy.
Leading on the transaction, Adil Hussain, Partner and Head of the Banking & Finance practice at Baker McKenzie UAE, and Global Head of Islamic Finance said: “We are delighted to have been chosen as the legal counsel for FIM Prime Marina Holding Ltd in this notable acquisition. It reflects our banking and finance team's commitment to delivering excellence in landmark financing deals."
Fares Bou Atme, Director of Real Estate at FIM Partners, stated: "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."
Baker McKenzie UAE advised FIM Prime Marina Holding Ltd 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).
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