London
Bedford Row Capital Plc (BRC), a global non-bank structuring specialist has announces the issuance of a $50 million, three year sukuk to finance the expansion of P1 Capital Ltd, (“P1”) a UK company with a proven track record and operating profits. P1 is a boutique asset-management group focusing on asset backed investments in the UK property sector. All investments are secured on UK property by legal charges, debentures and corporate / personal warranties. P1 carries out rigorous due diligence on all projects to protect investments and actively monitors performance throughout the lifecycle of projects.
The sukuk is for a fixed three year period, maturing in September 2023 and offering investors a 7% coupon paid quarterly – issued by Al Waseelah, a specialist UK-based sukuk issuer and managed by Bedford Row Capital with Shari’a advisory services provided by Khalij Islamic. Recent advances allowing for efficient sukuk issuance provide investors access to Shari’a-compliant European assets for the first time and allows mainstream corporates to diversify their funding base and access global capital markets. The target investors for the sukuk include high net worth individuals, corporates and institutional investors seeking both asset security and yield in a low or negative rate environment.
Commenting on the transaction, Christon Burrows CEO of P1 said: “We are delighted to be launching our sukuk with Bedford Row Capital and Al Waseelah. The current economic climate offers excellent investment opportunities for strong risk adjusted returns secured against UK property assets.—Zawya
