Gatehouse Bank completes £17.92 million financing of UK industrial estate
Gatehouse Bank plc (“Gatehouse”), the London-based investment bank specialising in Shariah-compliant products and services, is pleased to announce the completion of terms to provide £17.92 million of senior financing following the recent acquisition of a UK industrial estate by Saudi Arabia’s SEDCO Capital.
The funding supports the acquisition of Blakelands Industrial Estate, a well-established and multi-let industrial estate in Milton Keynes. Palmer Capital is acting as the Investment Manager to SEDCO Capital which through this venture intends to deploy £100 million into UK real estate over the next 12 months. This transaction is the first such transaction for this programme, which will target the recovering office and industrial real estate market in the UK.
“We have worked closely and effectively with SEDCO Capital and Palmer Capital to provide funding for this initial transaction” said Nick Westoby, Vice President of Gatehouse’s Real Estate Finance Team. “We are very pleased to be supporting the acquisition of this high quality asset, which provides a good platform for further partnerships with SEDCO Capital and Palmer Capital as they build out their portfolio.”
A spokesman for SEDCO Capital said “It was great working with Gatehouse and Palmer Capital on this matter. We are delighted to have exceeded our clients’ expectations for this deal. We have been an active investor in UK property for a number of years and are looking to increase our holdings by pursuing a diversified real-estate strategy”.