BLME acquires 6th property for its light industrial building fund
21 Nov 2012 05:26 GMT
 

The acquisition, valued at £1.8 million ($2.9 million), will bring the gross asset value of the Fund to over £21 million ($33.5 million). The prop (more)

The acquisition, valued at £1.8 million ($2.9 million), will bring the gross asset value of the Fund to over £21 million ($33.5 million). The property is a let to one of the largest distributors of building and plumbing products in the world and is well positioned on the outskirts of Middlesbrough with excellent road links. The property will yield in excess of 13% for the next 6.5 years.

Derek Weist, Director, Asset Management at BLME, said:

"Since 1970 the Industrial building sector has shown the strongest performance of all property investments with the average yield sitting at 12.1% (as per the Investment Property Databank). This acquisition exceeds this and also provides the fund with opportunities for asset management enhancements, which could further boost performance."

The Light Industrial Building sector is well supported by the economy with the UK seeing growth of 1% in the last quarter. The recovery is expected to continue with the Centre for Economics and Business Research predicting that the UK's economic growth will outpace that of any other major European country over the next two years.

An important step has been the addition of £3.6 million ($5.7 million) of leverage into the Fund from an international financial institution. The Fund remains open for additional investor commitments until February 2013.

About Bank of London and the Middle East (BLME): Bank of London and The Middle East plc ("BLME") is an independent UK wholesale Sharia'a compliant bank based in London. BLME received FSA authorisation in July 2007 and is the largest of its peers in Europe. It is led by a management team that brings together a combination of experienced international bankers and leading experts in Islamic finance. BLME has three key business areas; Corporate Banking, Treasury and Wealth Management that includes Asset Management and Private Banking. BLME is dedicated to offering innovative Islamic investment and financing products to businesses and high net-worth individuals in the European, US, Asian and MENA regions. To ensure that BLME's services and operations are wholly Sharia'a compliant, the Bank has a dedicated Sharia'a Supervisory Board ("SSB"). The SSB's role is to review contracts and agreements relating to all transactions ensuring that they are consistent with the principles of Islamic jurisprudence.

For more information, please contact: Leslie Mouawad - M: +965-99981334 - E: leslie@bensirri.com

© Press Release 2012 A Friend Print This Page Save as PDF © Copyright . All Rights Reserved.



-- Bing Search


© islamonline.com