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Largest Islamic financing of a UK property |
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Written by Islamic Times
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Wednesday, 05 March 2008 |
Clifford Chance (CC) and Norton Rose have bagged lead roles on the largest Islamic financing of a UK property to date – the sale of Chelsea Barracks in a deal worth almost £1bn.
CC advised the buyer, Project Blue, while City rival Norton Rose acted for the underwriting banks on a deal that values Chelsea Barracks at £959m.
On what is believed to be the largest-ever Islamic financing of UK property, Norton Rose advised the underwriting banks – Masraf Al Rayan; HSBC Amanah; BNP Paribas; Calyon Credit Agricole; and Qatar National Bank.
The top 10 City firm fielded a team under Dubai banking chief Anthony Pallett and London finance partner Lucy Wolley Dod.
CC acted for Guernsey-based Project Blue on the purchase of the Westminster development site, formerly owned by the Ministry of Defence (MoD).
Real estate partner Mark Payne led the team for the magic circle law firm, alongside fellow partners Franc Pena (also real estate), David Saleh (tax) and Damian Perry and Mark Rees-Jones (real estate finance).
The buyer is jointly owned by Qatar Investment Authority subsidiary Qatari Diar and Guernsey-based development company CPC Group.
Commenting on the deal, Payne said: “We are breaking new ground by creating and implementing an Islamic financing on this scale on a major development site in the UK.
“This extraordinary site continues to set the bar for acquisition and residential development. Its many fascinating aspects now include one of the most complex and innovative financings ever seen in the UK.”
The MoD was advised on the sale, which completed on 31 January, by Michelmores’ Philip Page.
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