ISLAMIC FINANCE

ABC INTERNATIONAL BANK

Islamic finance specialists at Foot Anstey LLP have Advised on the shariah compliant financing of a £56m acquisition of an 8 storey period Edwardian building in London (and former premises of the European Council of Foreign Relations).

The first tranche of this multiple tranche commodity murabaha facility was utilised in the acquisition of the property, with the remaining tranches to be applied in the conversion and development of the property into 22 luxury apartments.

On completion of the development, the apartments will be the closest residential properties to Downing Street. The deal involved our Islamic finance team advising on shariah compliant financing and security documents.

The Islamic Finance team also managed the coordination with Jersey counsel in connection with the purchaser SPV, and Saudi counsel in connection with the entry by the Guarantor, a Saudi national, into a put option deed in favour of ABC.