Thursday, April 18, 2024

Abu Dhabi Islamic financing for commercial real estate in the UK will cross one billion dirhams in 2021.

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Abu Dhabi Islamic Bank has announced that the value of commercial real estate funds provided in the United Kingdom in 2021 will exceed one billion dirhams (மில்லியன் 200 million).

In November alone, the bank completed two transactions, raising the value of its portfolio in the UK to about 2.5 billion dirhams (500 500 million).

Abu Dhabi Islamic Bank has acquired Gardner’s headquarters in Ecom, UK for 181 million dirhams (£ 37.05 million) to invest in Banque Saudi Fransi’s investment arm, Saudi Fransi Capital in Riyadh, Saudi Arabia. The property is a Grade A office building built in 2017 with 107,842 square feet of office space.

It is located 23 miles (37 km) west of London. Under full maintenance and insurance terms expiring in September 2032, Gardner leases the office to the UK, thus securing a 11-year remaining lease with Gartner warranty.

Al-Raji Legacy Fund has been awarded மில்லியன் 36 million (7. 7.4 million) by the bank to acquire the Olympus House building in Touchbrook Park, southeast of Birmingham, England.

The property has been leased to a law firm called Wright Hassle. Created in 1988, it is a 44,411-square-foot Grade I office building with a ground floor and two upper floors.

The lessee has been occupying the building since 2006 and began a new lease in 2013, which expires at the end of 2032. Al Rajhi Legacy Fund agreed to buy the property for 56 million dirhams (45 11.45 million).

Abdullah Al Shehi, Head of International Business, Abu Dhabi Islamic Bank, said:

ADIB has a proven track record in advising clients in the Gulf region on the dynamics of the UK real estate market, and we look forward to continuing to advise on opportunities that will meet their investment objectives.

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Over the past three years, the Bank has responded to the growing demand for commercial property investments in major UK cities, including London and Belfast, Birmingham, Bristol, Edinburgh, Leeds and Manchester.

Major transactions in the Abu Dhabi Islamic Bank in this area include the acquisition of PwC’s headquarters in Belfast, the financing of Albilad Capital, the acquisition of Bank of London and the Middle East, the acquisition of Centrica’s headquarters in Edinburgh, and the Financing. Rasmala bought Tesco Light in Manchester and Cedar Tree Investment in Saudi Arabia for a housing portfolio worth 280 million dirhams (£ 39 million) in Manchester.

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Nadia Barnett
Nadia Barnett
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