Baker McKenzie Wong & Leow has advised OUE Commercial Real Estate Investment Trust ("OUE C-REIT") on a SGD 130 million dual-tranche unsecured murabahah facility. This transaction represents OUE C-REIT's first Islamic financing.

OUE C-REIT is a Singapore REIT that invests in a portfolio of income-producing real estate used mainly for commercial purposes (including office and/or retail purposes) in financial and business hubs within and outside of Singapore, as well as real estate-related assets.

The murabahah facility will be used to refinance OUE C-REIT's existing secured term loan facility in relation to its indirect interest in One Raffles Place in Singapore. The murabahah facility will also be used for general corporate and/or working capital purposes.

The transaction was led by Singapore-based principal Emmanuel Hadjidakis, who was supported by associate Charlyn Lim.

Commenting on the deal, Emmanuel Hadjidakis said, "We are delighted to have assisted OUE Commercial REIT on this transaction. We continue to be very active in Islamic financing and are pleased to see more and more corporates using Islamic facilities and looking to diversify their funding sources by doing so. We look forward to continuing to help new borrowers and lenders leverage opportunities in this space by bringing our expertise to bear on key transactions in this exciting area."
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