Flip through the latest issue of Gulf Weekly.
Al Salam Bank-Bahrain, a leading Islamic financial institution, has provided £38 million in a unique Shari'a compliant mezzanine facility to refinance a landmark commercial property located in the heart of Canary Wharf, the financial district of London.
The property is leased in its entirety to a leading, multi-national financial institution with A+ long term rating with stable outlook form Standard & Poor's. The lease, which carries an unexpired term of 17.5 years, is on a fully repairing and insuring basis.
The building, designed by Skidmore, Owings & Merill, comprises a high quality Grade A office building extending to 536,338 sq ft.
Yousif A Taqi, director & CEO of ASBB, pictured right, said: "The UK's commercial real estate market has seen a significant improvement over the last 12 months and our strategy to exit Milton Gate in June came at a time when the bank had alternative attractive opportunities with improved risk-return profiles, such as this mezzanine facility. In these volatile market conditions, investment protection is a key factor in our investment strategy."
