Berwin Leighton Paisner (BLP) won a beauty parade to advise on the first successful securitisation in the United Arab Emirates (UAE). The firm advised new client Arabian Real Estate Investment Trust (Areit) on its $63m (£30.9m) commercial mortgage-backed security via a special purpose vehicle. The proceeds were used to finance the purchase of a tower in the Dubai Technology and Media Free Zone. Tamara Box, the partner leading the BLP team, said: "We gained this client via our relationship with HSBC, which was the lead arranger. The deal is significant because it paves the way for other securitisations in the UAE." The BLP team worked closely with Clyde & Co partner Ashley Painter, who advised Areit on local law. Allen & Overy partner Salim Nathoo advised HSBC.