Islamic finance specialists at Foot Anstey have recently advised Rosette Merchant Bank and Naissance Capital on the acquisition of the House of Fraser building in Cardiff by a Jersey SPV for £37m.
Islamic Finance, Banking and Corporate specialists advised on the structured Islamic Finance facility to align with the requirements of the underlying GCC investors alongside the funding from a German bank.
The Foot Anstey team was led by partner and Head of Islamic finance, Imam Qazi, and supported by Senior Associate Zahir Nayani and Associate Lingxi Wang. The deals involved lawyers from across the firm including banking partner Will Whitt with Corporate expertise led by Matt Stoate.
Imam Qazi, Head of Islamic Finance at Foot Anstey, commented: "We've seen an increase in investment from Middle Eastern clients, taking advantage of the weaker pound. Our growing team is well placed to support this interest as the market continues to develop."
In addition to completing some large scale transactions, the team has recently earnt national recognition in the Legal 500 directory. The team has been promoted to tier 2 in the London market for their work, putting them on equal footing with international firms such as Herbert Smith Freehills and Ashurst as well as being shortlisted in their 2017 Awards in the Finance (Specialism) category. The fast growing team also passed a milestone in advising on over £1billion worth of Islamic finance transactions to date.