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Abu Dhabi Islamic Bank to finance AED 120 million acquisition of Edinburgh building

2019-08-21T22:04:59.221Z

Abu Dhabi Islamic Bank, through its UK branch, has provided AED 120 million in financing to the Bank of London and Middle East to acquire a luxury office building in Edinburgh, leased to 2035 by British energy company Centrica, headquartered in ASK.



Through its UK branch, Abu Dhabi Islamic Bank (ADIB) has provided AED 120 million in financing to the Bank of London and the Middle East for the acquisition of a luxury office building in Edinburgh, leased to 2035 by British energy company Centrica, headquartered in Scotland. .

The deal comes at a time of growing interest in Gulf investors to buy property in the UK market, which is due to several factors, including the desire to diversify their portfolios to reduce risks, and the decline of the pound exchange rate, in addition to The attractiveness of rental income from high-quality properties in the UK's high-performing markets, as well as the long-term source of these assets.

The deal is a testament to this trend, with 10 investors, mostly from the Middle East, competing for the building.

Paul Maesfield, head of Abu Dhabi Islamic Bank's UK mortgage division, said the new deal reflected growing demand for British property, noting that over the past 18 months, Aberdeen, Bristol, Coventryn Leeds and Manchester have dominated key property markets in the UK. The UK accounts for 70% of the bank's real estate investment deals.

Source: emara

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