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London, UK: Abu Dhabi Islamic Bank (ADIB) UK, a wholly-owned subsidiary of Abu Dhabi Islamic Bank - a leading financial institution, has arranged and structured a Sharia’a-compliant transaction to finance the acquisition of Lateral House, located in Leeds, UK, for AED 118.2 million (£24 million) on behalf of an Abu Dhabi-based private banking client.
Constructed in 2005 and located in the heart of Leeds, one of the UK’s fastest growing cities, Lateral House is a modern Grade A office building providing 95,317 square feet of net lettable commercial office space, set over ground and four upper floors.
Commenting on the transaction, Paul Maisfield, Head of Real Estate at ADIB UK, said: “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 well-established, cities such as Leeds are growing quickly and have commercial property providing solid rates of return. The ADIB UK team has the market knowledge and expertise to identify high-quality assets, advising clients on prospective property opportunities and structuring tailored Sharia’a-compliant financing solutions with a minimal turnaround time.”
Paul Maisfield added: “In recent years, ADIB UK has established a leading position in providing Sharia’a-compliant financing to a range of individual and larger investors. We look forward to expanding our operations and range of services over the coming years to serve the growing demand for UK property from the Middle East.”
ADIB has a team in the UK that works with clients to provide packages and advice tailored to customer needs, whether it is financing residential or commercial properties. 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 AED 159.4 million (£32.3 million) on behalf of a private Saudi based client.
In 2017, investment volumes across the UK’s ‘Big 6’ regional office markets (Manchester, Birmingham, Edinburgh, Glasgow, Leeds and Bristol) were the highest for over a decade. Data released by JLL shows that office investment volumes in the Big 6 hit AED 14.3 billion (£2.9 billion) in 2017, 49% up on 2016. Manchester led the way for the year as a whole, with volumes of AED 4.5 billion (£908 million) which accounted for 30% of overall activity. Birmingham was the second most active market with AED 3.8 billion (£762 million) transacted.
ADIB opened its office at One Hyde Park in London in May 2012 and was the first UAE-based bank providing Islamic financial services to be licensed to operate in the UK. Today, it is just one of six banks in the UK providing Sharia-compliant services.
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About ADIB UK
ADIB UK, a wholly-owned subsidiary of Abu Dhabi Islamic Bank PJSC, is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Commercial Real Estate Financing and Residential Investment Financing (non-consumer) are not regulated products under the Financial Services and Markets Act 2000 and therefore are not authorized or regulated by the Financial Conduct Authority or the Prudential Regulation Authority.
About ADIB
ADIB is a leading bank in the UAE with more than AED 125 billion in assets. Its 1 million customers benefit from the third largest distribution network in the UAE with 80 branches and more than 710 ATMs. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides retail, corporate, business, private banking and wealth management solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX).
In the UAE, the Bank has more than 2,000 employees and remains one of the leading banks in the recruitment, development and promotion of local talent in all the markets in which it operates. The bank has one of the highest Emiratisation ratios with more than 40 percent of the bank’s workforce being UAE Nationals.
ADIB has presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan, Iraq and Qatar.
Named “Best Bank in the UAE” by The Financial Times’ The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Etihad and Etisalat and a wide range of financing products.
For media information, please visit www.adib.ae or contact:
ADIB Brunswick Group
Radwa Shehab Mouaffak Haijar
Senior Corporate Communication Manager Account Director
Direct: +971 2 6910169 Direct: +971 2 234 4600
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