Abu Dhabi: Abu Dhabi Islamic Bank (ADIB) UK, a wholly-owned subsidiary of UAE-based Abu Dhabi Islamic Bank, on Monday announced that it has arranged a shariah-compliant transaction to finance the acquisition of Lateral House, located in Leeds, UK.
The acquisition's value amounted to AED 118.2 million (GBP 24 million) and financed on behalf of an Abu Dhabi-based private banking client, according to the lender’s recent statement.
“We are increasingly seeing demand from GCC-based investors for the yield provided by regional UK commercial real estate,” Paul Maisfield, Head of Real Estate at ADIB UK, commented.
Lateral House is a modern Grade A office building featuring 95,317 square feet of net lettable commercial office space.
“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.” Maisfield added.