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Monday, January 22, 2007

UK's Second Largest Ever Islamic Finance Deal

The UK's second largest Islamic finance deal has just been concluded, with the purchase of the Grosvenor House Apartments Ltd by Park Lane Properties Ltd.

Park Lane Properties are co-owned by Kuwait based ADEEM Investment Company (ADEEM) and The Investment Dar (TID). The £100M refinancing was arranged with Lloyds TSB Corporate Markets.

The deal has been structured in accordance with Shariah principles, and using a series of sequential Murabaha transactions.

Mustafa Al-Saleh, Managing Director and Chief Executive Officer of ADEEM said:

"We are delighted to have secured such a significant deal with Lloyds TSB, allowing our vision for one of London's most historic buildings to be progressed. Working in strategic partnership with SPARC Group, our specialist Development Managers and Lloyds TSB Corporate Markets, we are now confident the building’s transformation into a super deluxe apart-hotel can be realised."

Rob Milne, property relationship director at Lloyds TSB Corporate Markets, said:

"This is a landmark Murabaha deal that required a specially tailored and individually structured finance package. We were able to bring together our commercial property experience, our track record in Islamic finance and our financial markets expertise to ensure we arranged the best deal for ADEEM."

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