One of UK’s largest Islamic finance deals concluded

In a landmark arrangement representing the second largest Islamic finance deal in the UK, the purchase of the Grosvenor House Apartments Ltd by Park Lane Properties Ltd, co-owned by Kuwait based ADEEM Investment Company (ADEEM) and The Investment Dar (TID), has been successfully refinanced with Lloyds TSB Corporate Markets.

Structured in accordance with Shariah principles and using a series of sequential Murabaha transactions, Lloyds TSB Corporate Markets has agreed to provide funding in excess of £100 million.

Mustafa Al-Saleh, Managing Director and Chief Executive Officer of ADEEM comments: “We are delighted to have secured such a significant deal with Lloyds TSB, allowing our vision for one of London’s most historic buildings to be progressed. Working in strategic partnership with SPARC Group, our specialist Development Managers and Lloyds TSB Corporate Markets, we are now confident the building’s transformation into a super deluxe apart-hotel can be realised.”

Rob Milne, property relationship director at Lloyds TSB Corporate Markets, said: “This is a landmark Murabaha 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.”