Ogier advises Al Salam Bank-Bahrain B.S.C. on first UK Real Estate Acquisition

Ogier has advised Al Salam Bank-Bahrain B.S.C in connection with its first transaction in the UK real estate sector. Using Shari'ah compliant financing the deal is a joint venture with private equity and investment banking firm Evans Randall. Ogier provided the bank with Jersey legal advice on all aspects of the transaction and worked with Herbert Smith teams in London and Dubai to ensure the transaction met the Shari'ah requirements of the client.

The Milton Gate Unit Trust has paid £127 Million for the acquisition of the landmark Milton Gate office building from the UBS Triton Fund. The building, which is located in the financial district of the City of London, has been recently redeveloped and Addleshaw Goddard and will be taking occupation in September 2009.

The Ogier team comprised of Partner and Head of Real Estate Philip Le Cornu, Managing Associate Victoria Yates and Associate Frank Le Gros. Commenting on the transaction Philip said: "We are delighted to have assisted Al Salam Bank-Bahrain B.S.C. on its first transaction in the United Kingdom. In the current market where both liquidity and financing are difficult this constitutes a significant deal and we trust that the arrangements Ogier helped put in place will result in the projected yields for investors as well as encouraging further investment by Middle East clients both in the London commercial real estate sector and across Europe."