UAE's Abu Dhabi Islamic Bank funds Rasmala's UK property acquisition

Structured Islamic financing worth $41mln provided

  
The corporate logo of Abu Dhabi Islamic Bank is seen in Dubai, United Arab Emirates, December 31, 2018.

The corporate logo of Abu Dhabi Islamic Bank is seen in Dubai, United Arab Emirates, December 31, 2018.

REUTERS/Hamad I Mohammed

Abu Dhabi Islamic Bank (ADIB) has provided structured Islamic financing worth GBP 28.6 million ($40.5 million) to Rasmala Long Income Fund to support its acquisition of a supermarket investment in the UK.

The property, which was constructed in 2012, is leased to supermarket chain Tesco Stores Limited. The 25-year lease has nearly 16 years remaining and yields a rent of GBP1.46 million per annum which is subject to five yearly index-linked upwards only rent reviews, according to ADIB.

Rasmala Long Income Fund has a diversified portfolio of real estate assets covering the UK, Europe and North America with a current net asset value in excess of $250 million. The fund is managed by Rasmala Investment Bank Limited which is regulated by the Dubai Financial Services Authority.

Rasmala Long Income Fund was advised by Eversheds and ADIB was advised by CMS Cameron McKenna Nabarro Olswang LLP and Collas Crill.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

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