Taylor Wessing advises on groundbreaking Shariah-compliant refinancing in excess of £100m
Taylor Wessing has acted on behalf of Lloyds TSB Corporate Markets in relation to the re-financing of the acquisition of the Grosvenor House Apartments Ltd. Lloyds TSB Corporate Markets has agreed to provide funding in excess of £100 million.
The deal structure was a Murabaha commodity transaction, using a series of sequential Murabaha transactions with Lloyds TSB Corporate Markets as the counterparty. Structured in accordance with Shariah principles, the arrangement represents the second largest Islamic finance deal in the UK.
The borrower was Grosvenor House Apartments Ltd, recently acquired by Park Lane Properties Ltd and co-owned by Kuwait based ADEEM Investment Company (ADEEM) and The Investment Dar (TID).
Trowers & Hamlins acted for the borrowers, with Neil Gibson leading the team at Trowers. Trowers & Hamlins worked in strategic partnership with SPARC Group, the specialist development managers and Client representative for the investor group for this and other ADEEM projects.
The Taylor Wessing team included partners Rodney Dukes, Hamid Yunis, Peter Jackson and Raman Sharma, and lawyers Kate Wansbrough-Jones, Maddalena Padrin and Maria Welandson.
Notes to editors
For more information please contact Claire Treacy at Taylor Wessing:
Tel: +44 (0)20 7300 4925
Email: c.treacy@taylorwessing.com
Taylor Wessing is a leading law firm providing legal support for commercial organisations doing business in Europe. Based in Belgium, France, Germany and the UK, Taylor Wessing provides the full range of legal services to major corporations and growing enterprises. Taylor Wessing boasts a strong reputation in the corporate, finance and real estate sectors alongside in-depth experience across the full range of legal services including intellectual property and technology, tax, litigation & dispute resolution, employment & pensions and private client.
