04.
Khorafi Tower
Kuwait
Client Brief:
Restructure all active development contracts and bank facilities.
Design and implement public markets platform via London listing.
Design and implement group real estate strategy across EMEA.
Lead asset acquisitions via structured equity and M&A across EMEA.
Secure equity and project partners.
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Deliverables:​
Listed RAK Real Estate Ltd [Q1, 2009] on ICAP Securities (UK) [formerly Plus Markets] at USD 988MM.
Implemented a reverse takeover of Rafco Int’l Real Estate KSC by RAK Real Estate Ltd to support NAV and bolster share pricing per UK audit and FSA regulatory oversight.
Accessed European credit markets via the UK listing, with Société Générale and GE Capital preferred banks.
Restructured USD 20MM project financing with Al Ahli Bank of Kuwait.
Secured floating debt finance for project pipeline coverage at 60% LTV.
Secured USD 150MM contractor financing (client remaining borrower on record) with construction companies domiciled in US, UK, Korea and Kuwait.
Implemented ‘Buyer Export Credit’ via European and Asian government ‘Export Credit Guarantee’ programs.
Design and delivery of new projects including 32 level, premium commercial office tower, Al Sharq, Kuwait and premium 20 level hotel, office tower and retail precinct, Al Salmiya, Kuwait.
Secured and managed project pipeline including redevelopment of 21 Sq Km King Hussein Airbase, Mafraq, Jordan and step-in agreement to develop 44 level Hilton hotel, commercial office tower and retail precinct, Amman, Jordan.
FLAGSHIP CORPORATE HEADQUARTERS
SUMMARY
The Khorafi Tower is a 36 level A-Grade commercial office building, offering 9,374 Sqm net internal area including ground floor with mezzanine, 28 office floors, 29th floor terrace with mezzanine and dual premium penthouses.
The development offers dual basement car- parking, ground floor / mezzanine / 1st floor commercial usage and industry leading intelligent building systems. External works include landscaping and utilities.
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The Khorafi Tower will accommodate approximately 650 individual occupiers. A 25-year FRI term certain head lease has been signed with the distinguished Al Khorafi National Group to lease the full building as its Middle East head quarters.
LOCATION
Kuwait City
YEAR
2010
CLIENT
Rafco International Real Estate
