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Lord Digby Jones, UK Minister for Trade and Investment said “As a leading centre for financial innovation where new Islamic structures are constantly being developed, the UK recognises the tremendous opportunities that Islamic Financial Services and products, and the necessary legal and financial skills and expertise the UK has to offer to those looking for a one stop global partner in Islamic Finance.
 
Insight raises the roof with £260 million - property fund oversubscribed.
 
UK Ambassador to Bahrain, Jamie Bowden who is opening the discussion said “The debate will provide these leading companies with the perfect platform to showcase the skills and expertise to take full advantage of this key market.”
 
Andrew Sykes, chairman of the Insight Foundation Property Trust limited will invest in a diversified portfolio of UK commercial properties.
 
Working closely with Cazenove (the sponsor and broker) the offer raised well over the target sought, from a range of institutional and retail investors. The size of the property portfolio at launch will be £293 million, financed by £260 million in equity and £33 million of debt. The fund has a target of £400 million gross asset value when fully invested, which will make it one the largest listed property investment trusts in the UK.
 
At launch there will be approximately 64 properties in the portfolio with an average capital value of about £4.4 million. It is intended to purchase up to a further £100 million of property as soon as practicable
 

 

 

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