Lateral House is a modern office building, which provides 95,317 square feet of commercial office space, set over ground and four upper floors.
Abu Dhabi Islamic Bank (ADIB), UK has gathered and structured a Sharia-compliant transaction to finance the UK based Lateral House for Dh118.2 million on behalf of an Abu Dhabi-based private banking client.
Lateral House is a modern office building, which provides 95,317 square feet of commercial office space, set over ground and four upper floors.
Head of Real Estate at ADIB UK, Paul Maisfield, said, “We are increasingly seeing demand from GCC-based investors for the yield provided by regional UK commercial real estate. While London’s long-term property investment story is well-established, cities such as Leeds are growing quickly and have commercial property providing solid rates of return.”
He added that they are planning to expand the operations and range of services in the coming years to handle the growing demand for property in UK from the Middle East.
ADIB is the first UAE-based bank providing Islamic financial services to be licensed to operate in the UK. It opened its office at One Hyde Park in London in May 2012.
ADIB has arranged a structured Islamic financing transaction at the Aztec West Business Park, Bristol, which is for Dh159.4 million and is on behalf of a private Saudi Arabia-based client to fund the acquisition of The Hub.
