Foot Anstey’s Islamic finance team completes significant transaction for Riyad Bank
Foot Anstey LLP’s Islamic Finance team has completed a significant shariah-compatible refinance of the UK HQ of an international law firm in Moorgate for Riyad Bank (London Branch), the largest shariah-compatible transaction upon which the London Branch has acted.
The Foot Anstey team included Zahir Nayani (partner), Kate Heard (Senior Associate) and Leena Payyappilly (associate). The team worked in conjunction with Riyad Bank (London Branch) to smoothly deliver the transaction.
Zahir Nayani, partner at Foot Anstey LLP, commented: “We were delighted to assist the team at Riyad Bank London Branch on their single largest commercial property financing transaction to date. A collaborative approach to the deal ensured it closed on time and on budget. We look forward to working with Riyad Bank and its clients in the future.”
Riyad Bank’s c.£64,000,000 shariah-compatible facility was utilised by its client, a Guernsey Special Purpose-Vehicle (SPV), which owns the freehold and is advised by Oryx Real Estate Partners LLP – to refinance an existing shariah-compatible facility.
The transaction was cross-jurisdictional involving Guernsey and Jersey-based lawyers.
