ADIB finances Dh118m UK acquisition

Abu Dhabi Islamic Bank (ADIB) UK has arranged and structured a Sharia-compliant transaction to finance the acquisition of the UK based Lateral House for Dh118.2 million on behalf of an Abu Dhabibased private banking client.

Lateral House is a modern office building providing 95,317 square feet of net lettable commercial office space, set over ground and four upper floors.

“We are increasingly seeing demand from GCC-based investors for the yield provided by regional UK commercial real estate. While London’s long-term property investment story is wellestablished, cities such as Leeds are growing quickly and have commercial property providing solid rates of return,” Paul Maisfield, Head of Real Estate at ADIB UK, said in a statement.

Expanding operations

He also said they are planning to expand their operations and range of services over the coming years to serve the growing demand for UK property from the Middle East. ADIB was the first UAE-based bank providing Islamic financial services to be licensed to operate in the UK. It opened its office at One Hyde Park in London in May 2012.

Earlier this year, ADIB arranged a structured Islamic financing transaction to fund the acquisition of The Hub, located at the Aztec West Business Park, Bristol, for Dh159.4 million on behalf of a private Saudi Arabia-based client.