The purchase of Grosvenor House Apartments by Park Lane Properties has been concluded using Islamic financing. The Murabahah deal is the country’s second largest ever and was co-ordinated with Park Lane’s co-owners ADEEM Investment Company of Kuwait and The Investment Dar (TID). Lloyds TSB Corporate Markets refinanced the property.
Lloyds TSB Corporate Markets’ property relationship director Rob Milne commented: “This is a landmark Murabahah deal that required a specially tailored and individually structured finance package. We were able to bring together our commercial property experience, our track record in Islamic finance and our financial markets expertise to ensure we arranged the best deal for ADEEM.”
Lloyds TSB has agreed to provide funding in excess of £100 million (US$197.3 million) for this deal, which was structured using a series of sequential Shariah compliant Murabahah transactions. |
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