Gatehouse, a UK based wholesale investment bank operating in accordance with Sharia principles, announced the completion of terms for financing of the Blakelands Industrial estate located in the Milton Keynes area of the UK.
The Saudi based SEDCO Capital is the purchaser and intends to deploy £100 million into UK real estate over the next 12 months.
Gatehouse Bank is active in the real estate market within the United Kingdom having earlier in the year created a new position within the organisation of Head of Real Estate Investment. It last year worked on a joint venture with Sigma Capital for the construction of an initial 927 new rental homes, with a total development cost of approximately £110 million. It is also involved in real estate projects in the Midlands and North of England.
Islamic finance investors are taking a keen interest in UK real estate by funding a number of high profile projects.
Europe’s tallest building, the Shard in London was financed by Qatari consortium that acquired an 80% stake for £150m (€192m), whilst nearby, in the prime central London real estate territory, a consortium comprising Qatari Diar Real Estate and Investment and the Candy brothers’ CPC Group bought the 5.2-hectare Chelsea Barracks site for £959m.
In 2012, a Malaysian consortium bought for £400m the 16.8-hectare Battersea Power Station site, which had been derelict for three decades. Work is now under way on a massive 3,444-home scheme that will create a new city district.