The two awards, presented by Islamic Finance News, are for the Syndicated Deal of the Year and United Kingdom Deal of the Year. Both awards relate to the $2.5bn syndicated financing to fund Project Blue (Guernsey) Ltd's purchase of London's Chelsea Barracks.
Receiving the awards at the Islamic Finance News Awards ceremony held in Dubai, Dr Mohammed A. Al -Hamadi, Qatari Diar's Deputy Chief Executive for Corporate Development said, "These awards are a real honor for Qatari Diar and reflect the professionalism of Qatari Diar staff and our partners to strike complex financial deals. The financial structure developed here has allowed us to deliver a truly innovative financing solution for the global real estate sector. We have broken new ground with our advisors, by creating and setting up Islamic financing of a scale not seen before in a major real estate acquisition in the UK."
London's Chelsea Barracks, a 5.2 hectares (12.8 acres) area in the City of Westminster is generally regarded as one of the most important residential development sites in Europe. In this ground breaking deal, the site's owner Project Blue (Guernsey) Ltd 'PBGL', a joint venture between Qatari Diar and CPC Group, negotiated what is believed to be the largest Islamic financing on a UK property. PBGL, which is currently majority owned by Qatari Diar financed the Chelsea Barracks acquisition through an aggregate $2,467,875,000 sale and lease (ljara) financing structure. The financing is fully underwritten by PBGL's strategic partner Masraf Al Rayan, BNP Paribas, Calyon Credit Agricole, HSBC Amanah, and Qatar National Bank.
Though similar in most aspects to conventional banking practices, Islamic financing laws prohibit the collection and payment of interest and investing in businesses that are considered to be unlawful in the Islamic faith.
Chief Executive Officer of Qatari Diar Real Estate Investment Company, Mr Ghanim bin Saad al-Saad said, "We are all delighted to win these awards in recognition of the financing deals for the purchase of Chelsea Barracks. This syndicated financing represents a major step in the advancement of what is certain to be an important development for all of London. Qatari Diar has a reputation for creating some of the most desirable commercial and residential development projects in the world, and this project represents our first major investment in Europe. Chelsea Barracks will adhere to our commitment to creating sustainable developments that build communities and enhance the well-being of all."
In structuring the transaction PBGL was advised by Clifford Chance in the acquisition and financing of Chelsea Barracks and Norton Rose advised the 5 Mandated Lead Arrangers (MLA's). Clifford Chance is advising Project Blue (Guernsey) Limited on all the legal aspects of the ongoing development.
A revised Planning Application for the site, which has been welcomed by local stakeholders, was submitted last week to Westminster City Council for consent; a decision is expected by the early summer.
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Qatari Diar wins two top awards for UK Islamic financing deal
- Qatar: Wednesday, March 04 - 2009 at 10:42
- PRESS RELEASE
Qatari Diar Real Estate Investment Company has been awarded two prestigious awards for their Shari'a compliant syndicated loan deal on Qatari Diar's flagship Chelsea Barracks development in London.
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Notes:1. Project Blue (Guernsey) Limited 'PBGL' is a Guernsey based company and a joint venture between Qatari Diar Real Estate Investment Company, a 100% owned subsidiary of Qatar Investment Authority, itself owned 100% by the State of Qatar, and CPC Group Limited, a Guernsey based privately owned property trading and development company specializing in ultra-prime residential schemes in London and other major world cities. In an announcement on 8th November 2008 Qatari Diar stated that it had agreed an option to acquire the CPC Group share of the PBGL equity but that option has yet to be exercised. Meanwhile, PBGL has appointed Candy & Candy as development managers and interior designers for the proposed residential scheme for the site.
2. Chelsea Barracks comprises an area of prime London real estate of 5.3 hectares (13.1 acres) in central London south of Sloane Square and north of the Thames River at the level of the Chelsea Bridge in the Royal Borough of Kensington and Chelsea, bordering on the western boundary of the City of Westminster.
3. The Financing of the acquisition of the Property was made available in four installments.
4. It is the intent of the Mandated Lead Arrangers to syndicate the Financing among a broader group of relationship and potential relationship banks of Qatari Diar and the Qatar Investment Authority generally and to procure that these additional Financiers enter into the Facility Documents subsequently in accordance with the requirements of the Ijara financing structure.
5. While the Financing will benefit from security arrangements giving beneficial ownership rights over the Property to the Financiers in the event of default by the Lessee, the Financing will be fully guaranteed by Qatari Diar.
6. It is the intention to syndicate the financing among a selection of international relationship and potential relationship banks, both conventional and Islamic, of Qatari Diar and the Qatar Investment Authority.
7. To respect the Shari'a compliant nature of the Financing structure, the initial purchaser of the Land and Lessor under the Finance Documents was Masraf Al Rayan.
About Qatari Diar Real Estate Investment Company:
Wholly owned by the Qatar Investment Authority, Qatari Diar Real Estate Investment Company was established in December 2004 to support Qatar's growing economy and to coordinate the country's real estate development priorities. Qatari Diar creates distinguished property developments, enhanced with local cultural and lifestyle experiences to attract tourism and new residents, generating sustainable and tangible socio-economic benefits. Qatari Diar's vision is to become one of the world's most trusted and effective real estate investment companies by creating quality, well-planned and desirable developments that enhance local communities.
About CPC Group:
CPC Group is a privately owned Property Trading and Development Company based in Guernsey. The company specialises in premium residential schemes in a number of international markets with a focus predominantly in central London. CPC deliver the best and strive to be better, uncompromising in their commitment to the standards and integrity of the company.
For further information, please contact:
John Watts
Brown Lloyd James
T:974 6876682
OR
Richard Williams
CPC Group please
T:+44 (0) 1481 722 111
Posted by Rana MesbahWednesday, March 04 - 2009 at 10:42 UAE local time (GMT+4)
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