Bedford Row Capital launches first sukuk for UK property market

$50mln 3 Year sukuk will give investors unique Shari'a-compliant access to the UK property market


London – Bedford Row Capital Plc (BRC), a global non-bank structuring specialist today announces the issuance of a $50 million, three year sukuk to finance the expansion of P1 Capital Ltd, (“P1”) a UK company with a proven track record and operating profits.  P1 is a boutique asset-management group focusing on asset backed investments in the UK property sector. All investments are secured on UK property by legal charges, debentures and corporate / personal warranties.  P1 carries out rigorous due diligence on all projects to protect investments and actively monitors performance throughout the lifecycle of projects.

The sukuk is for a fixed three year period, maturing in September 2023 and offering investors a 7% coupon paid quarterly - issued by Al Waseelah, a specialist UK-based sukuk issuer and managed by Bedford Row Capital with Shari'a advisory services provided by Khalij Islamic.

Recent advances allowing for efficient sukuk issuance provide investors access to Shari'a-compliant European assets for the first time and allows mainstream corporates to diversify their funding base and access global capital markets. The target investors for the sukuk include high net worth individuals, corporates and institutional investors seeking both asset security and yield in a low or negative rate environment.

Commenting on the transaction, Christon Burrows CEO of P1 said: "We are delighted to be launching our sukuk with Bedford Row Capital and Al Waseelah. The current economic climate offers excellent investment opportunities for strong risk adjusted returns secured against UK property assets. P1’s strategy is to focus on a portfolio of well-researched and diversified investments in the South East of England where there is a fundamental demand for housing.”

Stuart Gordon, Chairman of Bedford Row Capital, said: "Being the first sukuk for investment in to the UK property market provides new choices for investors who have never before had the chance to invest in a compliant manner in prime UK property development.  P1’s excellent track record provides a unique investment opportunity for Shari’a-compliant investors in their search for yield." 

All investments made by P1 Capital Ltd are undertaken with rigorous due diligence on all projects to protect investments and a specialist team to actively monitor performance throughout the lifecycle of projects.

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About Bedford Row Capital

BEDFORD ROW CAPITAL (“BRC”) is an award-winning provider of global structured securities solutions which includes the issuance of investment grade bonds, senior secured conventional debt, short dated notes, delta-one trackers and Shari’a compliant certificates.

The use of standard settlement infrastructure, combined with Bedford Row’s proprietary information systems, offers an innovative level of transparency and security for both issuers and investors.

In a fast-growing market, Bedford Row is ranked inside the top 100 originators and one of the leading non-banks in the market. 

AL WASEELAH is a UK based issuer which offers a flexible, quick to market solution for sukuk issuance - Murabaha, Ijara or Wakala structures can be issued through a comprehensive service platform which offers an end to end solution for issuance of Sukuk including structuring support, on-going administration, Shari'a compliance reviews, listing of Sukuk and clearing of Sukuk on international clearing systems. Al Waseelah offers a time and cost-efficient solution to its customers and has the capability to securitize and issue Sukuk based on variety of Islamic finance structures including Murabaha, Ijara and Wakala.

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