By Powerscourt on 01/03/2023
POWERSCOURT ADVISES ON MAJOR LONDON STOCK EXCHANGE LISTING
Powerscourt is proud to have advised Dar Global PLC on its direct listing on the Main Market of the London Stock Exchange. The Company was admitted to trading on the LSE on 28 February 2023 with a market capitalisation of US$600 million, the largest listing of the year so far.
Dar Global is a highly differentiated international real estate business, focusing predominantly on developing luxury second homes for wealthy, internationally mobile customers.
Collaborating with global luxury brands such as W Hotels, Missoni, Pagani and ELIE SAAB, Dar Global delivers iconic living experiences across some of the most desirable locations in the Middle East and Europe, including downtown Dubai, Muscat in Oman and the Costa del Sol region in Southern Spain.
In the near future, the Company also plans to expand its focus to hospitality assets with the aim of acquiring or building hotels with target markets including Southern Spain, Dubai, Maldives, Athens, Marrakesh and London.
Dar Global was originally established to develop the real estate assets of Dar Al Arkan Real Estate Development PJSC (‘Dar Al Arkan’), a leading real estate developer in the Kingdom of Saudi Arabia. Listed on the Saudi Stock Exchange since 2007, Dar Al Arkan has delivered over 15,000 residential units with total assets of c. US$8.5 billion.
The team was led by Justin Griffiths, Partner and Head of Real Estate at Powerscourt, who was supported by Nick Dibden, Director, Russ Lynch, Director, Louisa Henry, Consultant and Corey Hughes, Analyst.
Justin Griffiths commented: “After a quiet period for floats, it was a huge honour to be selected by the team at Dar Global to advise on their direct listing. It is a significant vote of confidence in the London market by one of the most exciting companies to come from the GCC region for many years and we very much look forward to continuing our work with Dar Global as it begins life as public company.”