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Bahrain's Al Salam Bank wins award for Milton Gate acquisition  Join our daily free Newsletter

MENAFN Press - 05/11/2009

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(MENAFN Press) Al Salam Bank - Bahrain BSC (the Bank) has won the International Real Estate Financing Summit “ Middle East (IREF ME 2009) Award of Excellence for Outstanding Achievement in Islamic Real Estate Product Innovation. The prestigious award was received by EVP & Head of Europe, Mohammed Paracha, at a Gala Dinner held in London last night. The award recognises the innovative acquisition by the Bank of Milton Gate from a UBS vehicle earlier this year.

Located in the Square Mile, Milton Gate is an attractive seven-storey building offering more than 200,000 sq ft of Grade A office space in a prime Central London neighbourhood. The building is the head quarters of the law firm Addleshaw Goddard who took occupation under a long-term lease and spent a significant amount to tailor the interior of the property to their requirements. Other businesses in the immediate vicinity of the building include Slaughter and May, Linklaters, J P Morgan, Bloomberg and Macquarie Bank.

Mohammed Paracha said the Banks investment came through an innovative Sharia-compliant mezzanine structure, using the UKs recent laws that were brought in to support Islamic Finance transactions. It represents one of the most innovative structured financings in the sector for some time and the award recognises the Banks skills in being able to provide complex financial solutions and quality product to its investor base.

The investment has performed very well to date as commercial property yields have contracted as anticipated by us.
Our investors continue to enjoy a 10% p.a. yield on their investment.

The investment was largely viewed as a culmination of interest in the Londons prime commercial real estate market by Middle Eastern investors. The global liquidity crisis provided opportunities to relatively liquid Middle Eastern investors to take advantage of the historically low prices in this segment. Milton Gate, which was the Banks first transaction in Europe, is a continuation of the Banks global investment strategy and demonstrates the Banks strengths in origination and execution of quality transactions outside of its native Middle East market.

Al Salam Bank “ Bahrain was advised by Jones Lang LaSalle, Herbert Smith and Ogier.

About Al Salam Bank-Bahrain (B.S.C.)
Headquartered in the Kingdom of Bahrain, Al Salam Bank-Bahrain (B.S.C.) is a dynamic, diversified and differentiated Islamic bank. Incorporated on 19 January 2006 in the Kingdom of Bahrain with a paid-up capital of BD 120 million (US 318 million), Al Salam Bank-Bahrain B.S.C. commenced commercial operations on 17 April 2006. The Bank operates under Islamic principles in accordance with regulatory requirements for Islamic banks set by the Central Bank of Bahrain. The Bank's high-caliber management team comprises highly qualified and internationally experienced professionals with proven investment expertise in key areas of banking, finance and related fields. Management and staff are supported by a world-class Information Technology (IT) infrastructure and the latest 'smart' working environment.Al Salam Bank-Bahrain is committed to adopting internationally recognized standards and best practices and operates with the highest levels of integrity, transparency and trust. The Bank is equally committed to its role as a concerned corporate citizen, actively seeking ways to contribute and add value to the social and economic well-being of the local communities in which it invests and operates.


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