International law firm CMS has advised Abu Dhabi Islamic Bank (ADIB) UK on the Shariah compliant acquisition financing of four buildings in Manchester by Saudi-backed investor Cedar Tree Investments - in a deal valued at £39 million.
Cedar Tree Investments is overseen by AIMS investments, one of the largest private and public equity investors in Saudi Arabia. The acquired portfolio comprises four freehold rental properties across Manchester with 163 units in total. The properties included in the sale are Basil House (105-107 Portland Street), Salisbury House (123 Princess Street), 51 King Street and 341 Great Western Street.
CMS’ Head of Islamic Finance Shakeel Adli, who led the CMS team comments: “We are delighted to have supported ADIB UK on another successful Shariah compliant financing. This deal is a further indication of the strength of UK real estate and growing demand for assets outside of London which are increasingly attractive for international investors.”
ADIB UK, a wholly-owned subsidiary of Abu Dhabi Islamic Bank, was the first UAE-based bank providing Islamic financial services to be licensed to operate in the UK and one of only six of those that are fully Shariah compliant. Paul Maisfield, Head of Real Estate at ADIB UK, said: “We continue to see strong demand from Middle Eastern investors for the yield offered by UK real estate. The ability to provide them with attractive Shariah compliant financing solutions in a short timeframe is core to ADIB UK’s offer and we look forward to continuing to support Cedar Tree Investments as they grow their UK portfolio. We would like to thank CMS for their timely and strategic advice in structuring this complex deal.”
