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Thu 15 Mar 2018 02:05 PM

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UAE bank funds $27m acquisition of UK business hub

Abu Dhabi Islamic Bank arranges purchase of The Hub near Bristol for Saudi client

UAE bank funds $27m acquisition of UK business hub

Abu Dhabi Islamic Bank (ADIB) has arranged a financing deal to fund the acquisition of The Hub, located near Bristol in the United Kingdom for £19.35 million ($27 million) on behalf of a private Saudi-based client.

The Hub at the Aztec West Business Park is a regional UK office for Atkins, one of the world’s largest multinational design, engineering and project management consultancies.

Paul Maisfield, head of UK Real Estate at ADIB UK, said: “We have witnessed an increase in demand amongst our GCC based clients seeking to diversify their portfolios into UK real estate with a particular interest in investments offering long-term secure income both in London but increasingly in the regions with strong market fundamentals and higher yields.

"We are very pleased to be supporting the acquisition of this high-quality asset. We have established a strong platform for further business in the UK as we build out our portfolio of financing assets across the UK.”

ADIB opened its office at One Hyde Park in London in May 2012, and was the first UAE-based bank providing Islamic financial services to be licensed to operate in the UK, being one of just six of these that are fully Sharia-compliant.

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