Tadhamon Capital breaks the silence with two new UK acquisitions - IFN

Tadhamon Capital breaks the silence with two new UK acquisitions

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GLOBAL: Bahraini investment firm Tadhamon Capital has come back to the market after over a year’s silence following its June 2012 operating lease agreement with the Gulf Aviation Academy worth US$13.3 million. Tadhamon Capital, which was formed in 2008 as a wholly-owned subsidiary of Tadhamon International Islamic Bank (whose majority shareholders include Qatar Islamic Bank and Hayel Saeed Anam Group), recently acquired two new assets in the UK under its Social Infrastructure Platform worth an estimated GBP32 million (US$47.66 million); bringing the total value of assets under its platform to GBP123 million (US$183.21 million). The acquisitions, which comprised of a care home for the elderly requiring treatment for dementia, nursing and residential care from Maria Mallaband Care Group and a 251-bed student accommodation in Cambridge, represented Tadhamon Capital’s first healthcare asset acquisition and its second student property asset buy. According to a statement from the investment firm, its acquisition of the GBP6.7 million (US$9.98 million) 53-bed care homes in Gerrards Cross in the west of London is the first of four. The other three developments which are under consideration include a GBP21 million (US$31.28 million) 184-bed care home in the higher end area of southeast London. Waleed Abdulla Rashdan, CEO of Tadhamon Capital, stated his confidence in the UK real estate sector being a driver of real value to its investors, and said that the company will continue to source and structure deals in the UK alongside its strategic partners, London-based real estate investment company Apache Capital. He also said that the company’s Social Infrastructure Platform portfolio has expanded over the years to now include prime assets in student accommodation, affordable housing and the healthcare sector. As at the 31st December 2012, Tadhamon Capital recorded net profits of US$3.1 million, with a slight growth from US$2.3 million in the corresponding period the year before. According to a statement by the company, the investment firm’s highly liquid balance sheet is due to its investments in short-term Shariah compliant products and is currently funding most of its long-term investments from its existing investor base. Tadhamon Capital is registered as a category-1 Islamic investment company.