BLME provides £12m Sharia-compliant loan to care home specialist 'Signature Senior Lifestyle'
- Kuwait: Monday, September 03 - 2012 at 13:38
- PRESS RELEASE
Bank of London and The Middle East (BLME), one of the largest Islamic wholesale investment banks in Europe whose main shareholders are Boubyan Bank and the Kuwaiti Public Institution for Social Security, has agreed a £12m Sharia-compliant loan to care home specialist, Signature Senior Lifestyle, as part of a wider £22m development project.
Massoud Janekeh, Head of Islamic Capital Markets at BLME, said, "There's an increasing need to meet demand for premium retirement facilities, particularly in the South East of England. The current property cycle allows strong investors like Signature to acquire and develop well-located plots. We are pleased to be supporting Signature's continued growth in the provision of quality senior care through BLME's combined expertise in Healthcare and Property Finance."
This project in Epsom will be the fifth community operated by Signature Senior Lifestyle. Signature communities offer a range of apartment sizes, a fully catered service, activity programmes and person centred care "as and when required". Signature currently employs over 300 people who care for over 230 elderly residents.
Aidan Roche, Chief Financial Officer at Signature Senior Lifestyle, said, "BLME has provided Signature with an additional line of funding that is essential as we work to open new homes and meet the growing need for quality care provision in the UK. We are delighted to have agreed the Epsom funding and look forward to successfully completing the project and welcoming residents to their new home at Signature."
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