UK property company Premio Group Holdings has completed a £31.5 mln (EUR 35 mln) Shariah-compliant refinancing with the Bank of London and The Middle East (BLME). This was the first time Islamic transaction carried out by Premio.
UK property company Premio Group Holdings has completed a £31.5 mln (EUR 35 mln) Shariah-compliant refinancing with the Bank of London and The Middle East (BLME). This was the first time Islamic transaction carried out by Premio.
The tree-year transaction is to refinance Premio's 4,600-m2 portfolio of commercial and residential space in the Mayfair, London. Premio Group Holdings is a joint venture between Chelsfield Partners and Rollpost established in December 2005.
'Successfully completing this transaction with Premio in what are extremely challenging market conditions is a great achievement for both parties,' said BLME CEO Humphrey Percy. 'Despite the pressure that the property market is under, we believe there are excellent opportunities to provide financing for companies with strong management and robust assets.'
He added: 'For BLME as a business this is further testament that we are gaining traction as financiers of choice to companies that have never used Islamic finance before.'
