Gatehouse Bank, a London-based investment bank specialising in sharia-compliant products and services, has announced the closure of its first offshore real estate financing in St Helier, Jersey.

The bank provided £10 million ($15.7 million) of senior financing to Apache Capital Partners, for the acquisition of Mourant Ozannes' headquarters, a leading offshore law firm, said a report in the Gulf Daily News (GDN), our sister publication.

Apache Capital Partners a niche real estate and private equity investment management firm was established in 2008 and specialises in investing capital from the Middle East into the UK.

Given this client base, the company has offices in both London and Bahrain and currently has an approximate total of £340 million assets under management.

This £17.5 million acquisition was for its high income strategy, but Apache is also active in the Social Infrastructure and Private Rented Sectors.

“Given the sound property fundamentals and experience of the team at Apache Capital Partners, we are pleased to have put in place the funding for its acquisition,” Gatehouse Bank real estate finance team vice-president Nick Westoby said.

“We hope to further develop this relationship and explore future possibilities with Apache which could add to the healthy pipeline of opportunities currently growing the financing book of Gatehouse Bank,” he added.

“We're delighted to announce the closure of our third real estate financing deal, particularly with it being our first sponsor to specifically require sharia-compliant finance,” Gatehouse Bank head of real estate finance Natale Giostra said.

“This deal highlights the success and competitiveness of the recently formed team and puts us in a strong position for the year ahead.”

“Gatehouse have demonstrated their understanding of Sharia-compliant finance, structures and the nature of our Middle Eastern investors,” Apache Capital Partners chief executive John Dunkerley said.

“Apache Capital has a substantial investor base and we are actively building our Sharia-complaint high income strategy.

“We look forward to building our relationship with Gatehouse Bank in the future,” he added. - TradeArabia News Service