KUWAIT CITY, Jan. 18, 2022 /PRNewswire/ -- Meysan Partners advised National Real Estate Company Co ("NREC"), a publicly listed real estate and investment company based in Kuwait, as sole legal advisor on the sale of its entire participation in its Erbil-based subsidiary, KREDCO Real Estate Company ("KREDCO").
The participation, representing 51% of KREDCO's share capital, was sold to the Kurdistan Development Corporation Limited (KDC). The deal was made under the authority of the Investment Board in Kurdistan granting the prerequisite approvals to the transaction. The transaction was completed on 22 December 2021.
Faisal Sultan, Vice Chairman and CEO of NREC, commented: "Selling our investment in Erbil was a strategic decision and had various complex elements that required a specialized law firm. Fortunately, our legal advisors Meysan Partners leveraged their expertise with unwavering support. Their team provided us with robust, highly technical advice in a commercially sound manner, making the process run smoothly from the beginning till the end."
"We are very pleased to have been able to assist our client NREC in this deal. The Middle East real estate sector is an exciting and challenging space, especially at the current time. It takes an exceptional level of teamwork to execute transactions, and we are honored to have been a part of that team" commented Bader El-Jeaan, the co-founder and senior Partner of Meysan Partners.
Established in Kuwait in 1973, NREC is a publicly listed real estate and investment company with a presence in the Middle East and North Africa. NREC has grown into one of the largest real estate companies in the GCC, with assets exceeding KD700 million (US$ 2.3 billion).
Meysan Partners team was led by the senior partner Bader El Jeaan with support from Senior Associate Patrick Obeid.