Client stories

Riyad Bank (London Branch)

Learn more about how we worked with Riyad Bank. It is one of the largest financial institutions in Saudi Arabia and the Middle East and provides a range of products and services for both retail and corporate customers that are shariah-compliant.

Riyad's story

Riyad Bank is a leading financier and arranger of syndicated loans in the oil, petrochemicals, and infrastructure projects.  Riyad Bank opened its first overseas branch in London in 1984.  The Branch provides Saudi corporate companies who are conducting business or investing in UK or internationally, with services to support their business endeavours.

The projects

In 2021, our Islamic Finance team was instructed to act for Riyad Bank (London branch) on a £17.5m refinance of a 127,000 square foot fully-let Grade A office asset in Harlow, Essex named Kao One.

In early 2022, with our Islamic finance team’s legal advice, Riyad Bank (London Branch) completed the refinancing of Superdrug’s £21.5m corporate headquarters. The team were instructed to advise on the refinancing of the 55,000 square foot property in Croydon, which features a wellness clinic and nail bar and houses the headquarters of the health and beauty retailer.

Riyad Bank originally sought our Islamic finance team’s expertise after Partner, Zahir Nayani, discussed with them in practical terms the impact of the transition from LIBOR to risk-free rates and how other Islamic financial institutions were reacting to the change in the London market in 2021. The relationship commenced with us successfully closing the Kao One transaction and was augmented with us acting on the refinance of Superdrug’s HQ deal followed by discreet regulatory and commercial advice.

The solution and results

Kao One

Zahir Nayani, Partner, and Kate Amos, Associate, led the £17.5m refinancing to Capital Trust Group of a Grade A office asset known as Kao One in Harlow, Essex, comprising 127,000 square foot of accommodation

Superdrug HQ

Zahir Nayani, Partner, Kate Heard, Associate, and Leena Payyappilly, Associate led on all legal advice for Riyad Bank.

The team advised Riyad Bank (London Branch) on the real estate and Islamic finance elements of the transaction, supported by Guernsey-based Collas Crill on the offshore elements.

What did we have to say?

We are extremely proud to Have acted for Riyad Bank (London Branch) on two refinancing projects. Kao One and Superdrug's HQ provided different challenges for the team, each allowing us to deploy our expertise to commercially navigate common transaction pitfalls to deliver the desired outcome for all.

Riyad Bank (London Branch) offers innovative financing solutions to its clients, and on all instructions to date, we have been delighted to work collaboratively with all transaction counterparties and strengthen our relationship with the Bank.

Zahir Nayani Partner at Foot Anstey

Key contacts