King & Spalding, a leading international law firm, announced on Friday that it represented a Luxembourg based Shariah-compliant fund advised by Pramerica Real Estate Investors in connection with the EUR 75 mln acquisition and Shariah-compliant refinancing of a Luxembourg real estate portfolio.

King & Spalding, a leading international law firm, announced on Friday that it represented a Luxembourg based Shariah-compliant fund advised by Pramerica Real Estate Investors in connection with the EUR 75 mln acquisition and Shariah-compliant refinancing of a Luxembourg real estate portfolio.

Hypo Real Estate Bank International AG, represented by Allen & Overy, provided the debt funding for the refinancing. King & Spalding was responsible for structuring the acquisition of the portfolio (which was initially acquired by three Luxembourg special purpose vehicles with equity) and the subsequent Shariah-compliant refinancing which was structured on an Ijara-wa-iqtina (lease to own) basis.

The completion of the Luxembourg portfolio refinancing culminates an active 12 months for the firm's London office which has advised clients on over US$3 bn of Shariah-compliant financings across Europe and the Middle East including financings in the UK, France, the Czech Republic, the Netherlands, Sweden, Portugal, Turkey, Saudi Arabia, Dubai, Russia and now Luxembourg, with a number of such transactions being a 'first time transaction' in such jurisdictions.

King & Spalding is an international law firm with more than 800 lawyers in Atlanta, Charlotte, Dubai, Houston, London, New York, Riyadh (affiliated office) and Washington, D.C. The firm represents half of the Fortune 100, and in a Corporate Counsel survey in August 2006 ranked as one of the top ten firms representing Fortune 250 companies overall.