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GLOBAL: Continuing to
expand its real estate financing portfolio, London-based Gatehouse Bank
has closed GBP10 million (US$15.66 million) in Shariah compliant offshore
real estate financing in St Helier, Jersey. The senior financing was
afforded to another UK firm, Apache Capital Partners, to acquire offshore
law firm Mourant Ozannes’ HQ offices; marking the growing
internationalization of Islamic finance by western players, facilitated
by the lucrative business of real estate.
The deal signifies a milestone for Gatehouse as it is the bank’s maiden
offshore real estate transaction. “We’re delighted to announce the
closure of our third real estate financing deal, particularly with it
being our first sponsor to specifically require Shariah compliant
finance,” shared Natale Giostra, the bank’s head of real estate finance.
“This deal highlights the success and competitiveness of the recently
formed team and puts us in a strong position for the year ahead.”
With approximately GBP340 million (US$532.53 million) in assets under
management and a niche specialization of investing capital from the
Middle East to the UK, the GBP17.5 million (US$27.41 million) acquisition
was a strategic component of Apache Capital’s high income plan, which
includes Islamic finance as an integral element, considering the
demographics of its investor pool. As elaborated by CEO John Dunkerley:
“Gatehouse have demonstrated their understanding of Shariah compliant
finance, structures and the nature of our Middle Eastern investors.
Apache Capital has a substantial investor base and we are actively
building our Shariah compliant high income strategy. We look forward to
building our relationship with Gatehouse Bank in the future.”
The UK is no stranger to healthy investment flow, especially in the area
of real estate, from the wealthy GCC – which has led to a growing
acceptance, adaption and utilization of Shariah compliant financial
structures preferable to GCC investors. Apache Capital’s move to acquire
an Islamic financing facility is in line with this development and it is
likely to serve as a platform for increased participation in the Shariah
compliant space in the future as both entities have committed to explore
further opportunities together. “We hope to further develop this
relationship and explore future possibilities with Apache which could add
to the healthy pipeline of opportunities currently growing the financing
book of Gatehouse Bank,” affirmed Nick Westoby, the vice-president of
Gatehouse’s real estate finance team.
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