Gatehouse in key London property deal
London, October 10, 2012
Gatehouse Bank, a wholesale Sharia-compliant investment bank based in London, has completed the £165 million ($264.3 million) acquisition of the law firm SJ Berwin's offices at 10 Queen Street Place in London, in collaboration with a Malaysian sovereign wealth fund.
Gatehouse acted as investment and Sharia adviser for the deal, which marks the Malaysian client's first investment in the London real estate market and is a key part of its wider global investment strategy.
"The global Islamic finance markets are continuing to grow and diversify, and this latest deal offers a significant example of international co-operation and the extent to which funds can be mobilised around the world in a Sharia-compliant manner," said Gatehouse Bank chief executive Richard Thomas.
"The unique position of Gatehouse Bank - located in the heart of London with a strong international client base - means that we can tap into the worldwide spread of Islamic economic activity for the benefit of our clients and investors," he stated.
"The London property market, with its high concentration of global headquarters, long leases and upward only rent reviews, is still seen as a safe-haven for investment," said Gatehouse head of real estate Adam Cavanagh.
"This latest deal, for a property with a well-established tenant and in highly desirable location, exemplifies the qualities that overseas investors are looking for right now. As such, it presented an excellent opportunity to make an acquisition that promises long-term income at an attractive yield.
"Our client has been looking for opportunities to diversify its portfolio and with its first foray into the London market, the fund has made an excellent acquisition that offers a highly sustainable return on investment," he added.-TradeArabia News Service