Indicative prospectus for an asset-backed Sukuk al-Ijara structured over a five-deal hyperscale data center portfolio. CMA-format, shariah-compliant, with capital recycling as the structural purpose. Sample for illustration.
A USD 1.85 billion Sukuk al-Ijara issued under CCAV Series-1, backed by contracted cashflows from a portfolio of five hyperscale data center deals. The sukuk structure releases originating equity for redeployment into the next round of standing commitments, operationalising capital recycling at platform scale.
The sukuk is backed by the contracted lease cashflows from five operational hyperscale campuses. All five have passed CCAV IC, completed financial close, and reached operational commissioning. Contracted offtake covers 92% of design capacity.
| Deal | Region | MW | Anchor offtaker | Lease tenor | Annual lease (USD M) |
|---|---|---|---|---|---|
| DP-2025-Q3-007 | Riyadh-S | 320 | Hyperscaler-A | 15 yrs | 285 |
| DP-2025-Q4-012 | Eastern Province | 180 | Hyperscaler-B | 12 yrs | 160 |
| DP-2026-Q1-019 | Riyadh-N | 250 | Hyperscaler-A | 15 yrs | 222 |
| DP-2026-Q1-022 | KAEC corridor | 145 | Sovereign cloud | 10 yrs | 124 |
| DP-2026-Q2-014 | Riyadh-N | 250 | Hyperscaler-D | 15 yrs | 218 |
| Portfolio total | All regions | 1145 | Mixed offtakers | Weighted 13.4 yrs | 1009 |
Indicative monthly cashflow priority. The structure is pay-through: lease revenue from the five underlying assets is collected by the SPV, passed through the waterfall, and net of senior obligations flows to sukuk investors.
| Priority | Item | Allocation | Reserve |
|---|---|---|---|
| 1 | O&M and property costs | Variable. ~18% of revenue | None |
| 2 | Senior debt service (where present) | Per individual deal terms | DSR 6 mo. |
| 3 | Property tax and insurance | Variable | Funded annually |
| 4 | Sukuk profit + amortisation | Per coupon schedule | DSR 12 mo. |
| 5 | Sponsor performance reserve | 4% of revenue | Capped at USD 80M |
| 6 | Residual to sponsor equity | Remainder | n/a |
Coverage measured against the sukuk obligation only (priority 4 in waterfall). All ratios calculated on the lease cashflow of the five underlying assets, net of priorities 1 to 3.
| Year | Available cashflow (USD M) | Sukuk debt service (USD M) | DSCR | LTV |
|---|---|---|---|---|
| Y1 | 765 | 263 | 2.91x | 68% |
| Y2 | 798 | 263 | 3.03x | 64% |
| Y3 | 826 | 263 | 3.14x | 60% |
| Y4 | 852 | 263 | 3.24x | 56% |
| Y5 | 875 | 263 | 3.33x | 52% |
| Y6 | 894 | 263 | 3.40x | 48% |
| Y7 | 910 | 2113 | 0.43x* | 0% |
* Y7 includes bullet redemption. Refinancing or asset disposal contemplated. Stress case modelled separately.
Indicative top-5 risk factors. Full prospectus includes 28 categorised risks per CMA listing requirements.
| # | Risk category | Risk description | Mitigation |
|---|---|---|---|
| R1 | Offtaker concentration | Top-1 offtaker 44.7% of revenue | Investment-grade counterparty. Long-tenor leases. Take-or-pay floor 75% |
| R2 | Refinancing risk | Bullet maturity. Refi at Y7 | Programme tap-issue mechanism. Disposal route preserved |
| R3 | PUE / opex variance | Operational performance shortfall | Triple-net lease. Operator performance guarantee. Audit rights |
| R4 | Regulatory. DC sector | KSA DC regulatory framework evolving | CCAV regulatory monitoring. Proactive engagement with MCIT and CITC |
| R5 | Shariah compliance | Ongoing compliance through tenor | Shariah Supervisory Committee. Annual audit. Prospectus binding |
| Milestone | Indicative date |
|---|---|
| CMA submission. Final prospectus | Jul 2026 |
| Roadshow. GCC and London | Aug 2026 |
| Book-building | Sep 2026 |
| Pricing. Final terms | Sep 2026 |
| Settlement. Listing on Tadawul | Oct 2026 |
| First coupon | May 2027 |