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Trowers & Hamlins completes £76m corporate acquisition & financing for Tabung Haji

Trowers & Hamlins completes £76m corporate acquisition & financing for Tabung Haji

Trowers & Hamlins has advised Lembaga Tabung Haji, the Malaysian Hajj pilgrims fund and existing client of the firm, on the purchase and Shari'ah-compliant financing of Unilever House in Leatherhead for circa £76 million.

The purchase and financing was structured by way of a corporate acquisition and involved Trowers & Hamlins teams in Malaysia and London, including Corporate, Commercial Property, Banking and Finance, Tax and Projects and Construction.

The deal took place within a tight timeframe over the Christmas and New Year periods.  Immediately upon completion, the property was transferred from the target company to the purchasing company.

The deal was funded by way of Islamic financing provided by a senior Murabahah facility from Export-Import Bank of Malaysia Berhad.

Unilever House is the third transaction on which Trowers & Hamlins has advised Lembaga Tabung Haji.  The first matter the firm advised on was the acquisition of 10 Queen Street Place in London.  It subsequently advised on the external financing of 10 Queen Street Place and 151 Buckingham Palace Road, which was funded by a syndicate of Maybank Islamic Berhad, OCBC Al-Amin Bank Berhad and Standard Chartered Saadiq Berhad.

The Trowers & Hamlins team included International partner Nick Edmondes, partner Michael Pattinson, partner William Clements and senior associates Youssef Boulos, Sam Folley and Jessica Gaddes.  Tax partner Andrew Sneddon and Projects and Construction partner Charles Morrish also advised. 

Investment advice was provided by Gatehouse Bank.  Other advisers included, KPMG, Volaw in Jersey, Ogier in both Jersey and Guernsey and Zaid Ibrahim & Co. in Malaysia.

To read more about the deal, visit CoStar.co.uk and Property Week (pay wall).