King & Spalding has advised London-based Gatehouse Bank plc and its investment group on the acquisition of a 20-property U.S. industrial real estate portfolio in a joint venture with Brennan Investment Group. The 100% leased portfolio, acquired from an affiliate of AIC Ventures, spans 12 states and is valued at $155 million. Shari’ah-compliant financing for the acquisition was secured through The Royal Bank of Scotland. The financing is one of the ten largest securitized financings executed in the United States in 2012.
The King & Spalding team representing Gatehouse on this transaction was comprised of Islamic finance practice leader Isam Salah, counsel Tim Tucker and associates James Stull and Joanne Ricciardiello.
“We have seen a strong renewed interest in the past 12 months in U.S. property investments by Gulf institutions and their clients, especially those institutions operating on a Shari’ah-compliant basis,” said Salah. “Gatehouse Bank is to be congratulated on setting a high-water mark with this successful acquisition.”
