Riyad Bank acquires The Connection thanks to shariah-compatible financing

The Islamic finance team at national law firm, Foot Anstey LLP has completed shariah-compatible financing of Vodafone’s Newbury-based global headquarters, The Connection, for Riyad Bank (London Branch) for an undisclosed sum.

The Foot Anstey team included Zahir Nayani (Partner) and Kate Heard (Senior Associate) who provided integrated legal advice on financial aspects of the 490,000 sq. ft. acquisition and partial leaseback and Leena Payyappilly (Associate) who advised on real estate matters.

IQON Capital, on behalf of Saudi investor and Riyad Bank client Aljazira Capital, acquired The Connection with plans to redevelop the retained buildings into a modern business and innovation campus, and leaseback the remainder to the telecoms giant.

When asked about the transaction, Zahir Nayani commented: “Blended working is fast becoming the norm for people-centric businesses such as Vodafone. This deal demonstrates perfectly how discerning investors are capitalising on current economic headwinds by blending long-income strategies with defensive asset management plays.

“It was our pleasure to represent Riyad Bank (London Branch) on its latest financing and extend our congratulations to Aljazira Capital on its foray into the UK real estate market.”