Abu Dhabi Islamic Bank (ADIB) to Provide $54.4m Funding in the UK

Abu Dhabi Islamic Bank (ADIB) has provided structured Islamic financing amounting to AED200 million ($54.4 million) for Middle East investors on two supermarket assets, Tesco and Waitrose, in the UK.

The first transaction, supported the acquisition of a Tesco Extra store and ancillary retail parade in Oldham, Greater Manchester by Kuwait Business Town Real Estate Co. The property is located on Huddersfield Road (Oldham) and has a 13-year unexpired lease term to Tesco Store Ltd, according to a press release.

The second transaction comprises a purpose-built supermarket extending to over 34,000 sq/ft in Weston-super-Mare, Somerset owned by Capital Trust. The building is leased to Waitrose until May 2045.

Kuwait Business Town Real Estate Co was advised by Keystone Law &Jade Merchant Bank. Capital Trust was advised by Dentons. ADIB was advised by CMS Cameron McKenna Nabarro Olswang LLP.

ADIB announced supporting Rasmala Long Income Fund with a structured Islamic financing of £ 28.6 million (AED 288.7 million),to support its acquisition of a supermarket investment in Hattersley, Greater Manchester.