Abu Dhabi - Mubasher: Abu Dhabi Islamic Bank (ADIB) has granted AED 91 million (£18.9 million) in Sharia’a-compliant structured financing to a private UAE-based client for an AED 141 million (£29.1 million) acquisition on the UK's south coast.
The acquisition will provide the client with a cash return of 8%, according to a press release on Sunday.
Located in Christchurch in Dorset, the Grange Road Business Park spans over a total net lettable area of 150,191 sq/ft with 15 mixed use buildings.
Constructed in 2002, the Park is rented to BAE Systems, a multinational defence, security, and aerospace company, until 2031.
The Head of UK Real Estate at ADIB, Paul Maisfield, said: "The continued weakness of sterling against the dollar makes UK real estate an attractive proposition for investors in the Middle East seeking to diversify their portfolios."
The Head of Private Banking at ADIB, Mohammed Azab, commented: "The completion of this transaction demonstrates our strong ability to bring bespoke and competitive Sharia-compliant property financing solutions, despite current economic challenges."
It is noteworthy to mention that in 2019, ADIB UK has provided The Bank of London and the Middle East (BLME) a financing for the acquisition of an AED 120 million Grade A office building in Edinburgh.
