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Abu Dhabi: Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has provided through ADIB UK a combined AED 320 million (£66.6 million) Sharia’a-compliant structured financing for a private Abu Dhabi-based client to refinance a AED 900 million (£187.7 million) prime central London healthcare facility and a private Bahrain-based client for the acquisition of a AED 55 million (£11.5 million) logistics hub in Edinburgh.
The London property comprises one of the most established private healthcare facilities in the UK capital and is operated by an international healthcare group. The Edinburgh property, let to Royal Mail, consists of a distribution warehouse and office facility extending to 94,323 sq.ft situated in the Scottish city’s premier industrial location, South Gyle Industrial Estate.
Paul Maisfield, Head of UK Real Estate at ADIB UK, said: “We are delighted to have been able to support our clients with highly-structured financing solutions that meets their specific requirements in real estate finance, secured against a strong income-producing, high-quality assets in London and Edinburgh.”
He continued: “We expect to witness good growth in our real estate financing business in the UK during 2020. The UK still offers transparency and security that is not available in many other parts of the world. This, combined with sterling remaining weak against the dollar makes the UK an even more comparatively attractive investment proposition. The biggest challenge facing our clients is securing assets, particularly those offering long-term secure income, given the competitive nature of the market with investor demand outstripping supply.”
Over the last two years, the bank has catered to growing demand for commercial property investments in London, but also increasingly in major regional cities, including Bristol, Leeds and Manchester. Among its major transactions, ADIB provided financing for The Bank of London and the Middle East to acquire a AED 120 million (£26.95 million) Grade A office building in Edinburgh and financing to Saudi Arabia’s Cedar Tree Investments to acquire a AED 280 million (£39 million) residential portfolio in Manchester.
ADIB UK offers bespoke and competitive Sharia-compliant property financing solutions for its clients. ADIB was recognised as “Middle East Best Islamic Digital Bank” by Global Finance. It has also been named the “World’s Best Islamic Bank” by FT’s The Banker Magazine.
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About ADIB
ADIB is a leading Islamic bank with more than AED 124 billion in assets. Established in 1997, the bank provides world-class, Sharia’a-compliant retail, corporate, business, private banking and wealth management solutions through award-winning digital channels and across an extensive branch network. The bank has a presence in six strategic markets, including Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan and Iraq. Its shares trade on the Abu Dhabi Stock Exchange (ADX).
ADIB has more than 2,000 employees and remains one of the leading banks in the recruitment, development and promotion of local talent across all of its geographies. The bank has one of the highest Emiratization ratios and approximately 36 percent of the bank’s workforce are UAE nationals.
Named ‘World’s Best Islamic Bank’ by the Financial Times’ The Banker publication, ADIB has a rich track record of innovation based on a desire to always improve its customers’ banking experience. Amongst other benefits, the bank’s recent digital transformation programme has led to the creation of a new generation of technology-enhanced branch, ADIB Express, which combines the benefits of digital banking with a highly-personalised customer service, and Express Finance, providing qualifying customers with access to personal finance through a mobile app in less than 30 minutes.
For media information, please visit www.adib.ae or contact:
ADIB Brunswick Group
Radwa Shehab Sarah Abdelbary
Head of External Communications Account Director
Direct: +971 2 6910169 Direct: +971 2 234 4600
Mobile: +971504734482 Mobile: +971561748649
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