Norton Rose Fulbright advises Dubai-based Dar Global on LSE listing

Norton Rose Fulbright advises Dubai-based Dar Global on LSE listing

Global law firm Norton Rose Fulbright has advised Dubai-based real estate development firm Dar Global on its direct listing on the London Stock Exchange (LSE).

The law firm has advised the independent international arm of Saudi-listed Dar Al Arkan Real Estate Development Company (Dar Al Arkan), on its direct listing and admission to the Official List of the Financial Conduct Authority and to trading on the Main Market of the LSE, according to a statement.

Dar Global was formed as an independently listed vehicle to house the international assets of Dar Al Arkan, one of the largest listed real estate developers in Saudi Arabia. Dar Al Arkan remains the majority shareholder of Dar Global after the listing, holding 88 percent of its share capital on admission.

The transaction involved a complex corporate reorganisation of the international assets of the Dar Al Arkan group; entry into detailed 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 $72 million for Dar Global, giving a day 1 market capitalisation of $600 million; and a direct listing on the Main Market of the LSE, Norton Rose Fulbright