King & Spalding has advised Gulf Capital and Gulf Related in obtaining a ground-breaking SAR 450 million financing facility from the National Commercial Bank. The proceeds of the facility will be used to develop a residential compound in Riyadh, Saudi Arabia.
Details of the transaction are available here.
Gulf Related will serve as the master developer of the compound. Gulf Related is a joint venture between Abu Dhabi-based Gulf Capital and U.S.-based real estate developer The Related Companies.
The planned high-end residential compound will be Gulf Related’s first real estate development in the Kingdom of Saudi Arabia. The compound will be built on a parcel of land in northwest Riyadh, occupying an area of 157,000 square meters and will include 525 villas, town houses, duplexes and apartment units.
The King & Spalding legal team involved on the transaction was led by partner Nabil Issa and consisted of counsel Mohammad Al-Ammar, senior associate Sara Carmody and associate James Stull.
“We are pleased that Gulf Capital and Gulf Related turned to us for this significant and complex transaction,” said Issa. “The matter required a deep understanding of a combination of real estate, financing, regulatory and fundraising issues.”
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