The UK branch of Abu Dhabi Islamic Bank (ADIB) has provided structured financing of AED 100 million (£20 million) on a supermarket asset to support investors with their Islamic financing needs in the UK.
The transaction supported Urbium Capital Partners (“UCP”) with their acquisition of a Sainsbury’s store in Edinburgh, Scotland. The property comprises an 85,961 sqft prime food store and a 12 pump petrol filling station occupying a 4.6 acre site, constructed in 2013.
The property is let to Sainsbury’s Supermarket Limited on a 25-year full repairing and insuring lease with 16.5 years unexpired (no tenant break options) and 5 yearly upwards only open market rent reviews. The property occupies a highly prominent site offering excellent accessibility and visibility, benefiting from a large and affluent catchment area with a population of 250,000 within 3 miles. —Zawya News
