National law firm Foot Anstey’s Bristol-based Islamic finance team has helped long-term client, the UK arm of Riyad Bank, complete its largest Sharia-compatible transaction.
The deal, which involved the refinancing of an international law firm’s City of London headquarters, is the latest in a string of major commercial property transactions for the team. 
It is also the third recent deal completed for Riyad Bank, one of the largest financial institutions in Saudi Arabia and the Middle East providing a range of products and services for both retail and corporate customers that are fully compliant with the Islamic Sharia.
In February Foot Anstey’s Islamic finance team helped refinance health and beauty retail group Superdrug’s £21.5m, 55,000 sq ft HQ in Croydon, which features a wellness clinic and nail bar.
That followed the £17.5m refinancing of a Grade A office asset in last July.
In the latest deal, Riyad Bank’s sharia-compatible facility of around £64m was used by its client, a Guernsey Special Purpose-Vehicle (SPV) which owns the freehold, to refinance an existing sharia-compatible facility.
The transaction was cross-jurisdictional involving Guernsey and Jersey-based lawyers.
The Foot Anstey team included partner Zahir Nayani, senior associate Kate Heard and associate Leena Payyappilly.
Zahir said: “We were delighted to assist the team at Riyad Bank London Branch on their single largest commercial property financing transaction to date.
“A collaborative approach to the deal ensured it closed on time and on budget. We look forward to working with Riyad Bank and its clients in the future.”
The Foot Anstey team also recently advised on two landmark deals – the UK’s first Islamic financed acquisition of a mobile CT scanning unit, which will be used in the Bristol, and London-based fintech start-up Nester in what was thought to be the first UK peer-to-peer Islamic finance fintech transaction.
As well as Bristol, Foot Anstey also has offices in Exeter, London, Plymouth, Southampton, Taunton and Truro.
It works with leading brands and individuals predominantly across six key sectors: developers, energy & infrastructure, Islamic finance, private equity, private wealth, retail & consumer.
Pictured: Foot Anstey Islamic finance team members, from left, Zahir Nayani, Kate Heard and Leena Payyappilly
