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Best real estate deal
Lead managers: ABC International Bank, Jadwa, Mohammed Al Subeai & Sons Investment Co
The financing for the redevelopment of King’s Reach Tower in Southwark, London, was the most notable cross-border Islamic real estate transaction in 2012. Financing involved a senior £100 million ($160.6 million) facility and a £145 million mezzanine tranche.
This is a refurbishment on an unfamiliar scale: it includes adding six storeys to the tower, which has been empty since 2007. Backed by a joint venture between Saudi Arabia’s Jadwa Investment and London developer CIT, and with club financing from a consortium of Middle Eastern banks and investors led by ABC International, it marks the entry of Saudi investors into the UK market through Shariah-compliant funding for a mixed-use development in London.