By Shane McGinley
Deal by Bahrain-based Tadhamon Capital is set to be the first of many over the next few years
Tadhamon Capital, a Bahrain-based Islamic investment company, has completed the $28m acquisition of a special needs school near London, the first of a number of UK deals the company is planning to close over the next two to three years.
On Sunday, Tadhamon Capital, which is licensed by the Central Bank of Bahrain and provides investment advice to Middle East customers, announced it had closed the deal to acquire Coxlease School for a consortium of investors.
The Coxlease Special Needs School is situated south of London and is a specialist residential school for boys aged nine to eighteen with severe behavioural, emotional, social and learning difficulties and is run by the renowned Priory Group.
Tadhamon Capital advised on the transaction and acted as an arranger of the financing for the $28m acquisition and said it expects to generate a nine percent average annual cash return for its investors.
“The Coxlease acquisition marks the first of a number of UK deals which we intend to close over the next two to three years,” said Waleed Abdulla Rashdan, CEO of Tadhamon Capital.
“[The social infrastructure] sector has held up well compared with other sectors during the downturn seen by the market during the last couple of years, both within the UK and internationally," he added.
Tadhamon Capital was launched in Bahrain in October last year and was the first investment company in the kingdom that is fully owned by Yemeni shareholders. In its first year of operations, it reported a net profit of $28.6m and revenue of $34m.