Foot Anstey's Islamic Finance team supports shariah-compatible acquisition of Vodafone HQ

Zahir Nayani, Kate Heard and Leena Payyappilly of Foot Anstey

The Islamic finance team at national law firm, Foot Anstey LLP has completed a shariah-compatible financing of Vodafone's Newbury-based global headquarters, The Connection, for Riyad Bank (London Branch) for an undisclosed sum.

The Foot Anstey team included Zahir Nayani (Partner) and Kate Heard (Senior Associate) who provided integrated legal advice on financial aspects of the 490,000 sq. ft. acquisition and partial leaseback and Leena Payyappilly (Associate) who advised on real estate matters.

IQON Capital, on behalf of Saudi investor and Riyad Bank client Aljazira Capital, acquired The Connection with plans to redevelop the retained buildings into a modern business and innovation campus, and leaseback the remainder to the telecom's giant.

When asked about the transaction, Zahir Nayani commented: "Blended working is fast becoming the norm for people-centric businesses such as Vodafone. This deal demonstrates perfectly how discerning investors are capitalising on current economic headwinds by blending long-income strategies with defensive asset management plays. It was our pleasure to represent Riyad Bank (London Branch) on its latest financing and extend our congratulations to Aljazira Capital on its foray into the UK real estate market."  

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Other advising parties included:

  • Addleshaw Goddard, UK lawyers for the customer
  • Osborne Clarke, UK lawyers for the seller
  • Bedell Cristin, Jersey lawyers for Riyad Bank (London Branch)
  • Maples, Jersey lawyers for the customer

Editors contacts

James Grice – [email protected] or +44 117 9154982