NEW YORK, August 2, 2012 – 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.”
About King & Spalding
Celebrating more than 125 years of service, King & Spalding is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with 800 lawyers in 17 offices in the United States, Europe, the Middle East and Asia. The firm has handled matters in over 160 countries on six continents and is consistently recognized for the results it obtains, uncompromising commitment to quality and dedication to understanding the business and culture of its clients. More information is available at www.kslaw.com.