Walkers Jersey Team Advises on £31m Sharia-compliant Refinancing

Walkers' Jersey Banking & Finance team has advised Abu Dhabi Islamic Bank PJSC ("ADIB") on the £31 million Sharia compliant refinancing of two B&Q warehouse retail facilities in the north of England.

The Walkers team – associate Meg McAuley, senior counsel Tristan Maultby, and partner Nigel Weston advised ADIB on the Jersey law aspects of the commodity murabaha agreement and the Jersey security package for the refinancing of the properties in Grimsby and Bury.

ADIB were advised on matters of English law by the CMS team of Shakeel Adli, David Stanbridge, Sean Gough, Lily Martin and Adrienne Fisher.

Tristan commented: "This refinancing demonstrates that despite the challenging economic conditions faced by the UK retail sector, finance remains available for high quality retail assets."

Nigel added: "It also demonstrates how Jersey remains a popular structuring choice for real estate assets, and that Jersey law dovetails neatly with the requirements of Sharia compliant financing".

JERSEY
Nigel WestonPartnerT +44 (0)1534 700 788nigel.weston@walkersglobal.com
Tristan MaultbySenior CounselT +44 (0) 1534 700 754tristan.maultby@walkersglobal.com
Meg McAuleyAssociateT +44 (0) 1534 700 889meg.mcauley@walkersglobal.com