International Investment Bank (IIB) is making a £154 million ($280m) commercial real estate acquisition in the UK in conjunction with SEDCO - a leading private Islamic investment company in Saudi Arabia, The GDN reported. The Bahrain-based Islamic investment bank is in the process of placing a portion of this investment with investors in GCC countries and says it has already received a very positive response.
IIB acting chief executive officer Aabed Al Zeera said the deal reflects the bank's strategy of offering its clients a range of sharia-compliant investments that are diversified by asset class and location.
The London property that is currently being acquired is a landmark building occupying a prime site in Belgravia - overlooking the gardens of Buckingham Palace.
It provides a total of 198,520 square feet of high-specification office accommodation over six floors and has underground parking.
