Akin Advises Emlak Konut on $650 Million Debut Sukuk Issuance
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(Dubai) – Akin’s Dubai capital markets team advised Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş. (“Emlak Konut”), Türkiye’s leading real estate investment trust, on its debut international issuance of $650 million lease certificates due 2031. The transaction represents the first-ever sukuk issuance by a Turkish real estate investment trust.
The issuance was conducted through Emlak Konut’s wholly owned asset leasing company, Emlak Konut Varlık Kiralama A.Ş., and forms part of the company’s strategy to diversify its funding base and support its large-scale residential development projects across Türkiye. The offering was listed on the London Stock Exchange’s International Securities Market.
The transaction was significantly oversubscribed, with an orderbook exceeding $1.85 billion (excluding joint lead manager interest), reflecting strong investor demand. It also underscores the continued development of Shariah-compliant financing solutions for asset-heavy issuers and highlights the growing role of sukuk as a financing tool for real estate platforms and infrastructure-aligned issuers in emerging markets.
The Akin team was led by capital markets partner Rizwan Kanji and included capital markets counsels Nicola Minervini and Sahar Abas.
Akin is a leading international law firm with more than 1,000 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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