Elite UK REIT secures $86.5m Shariah financing from Maybank, RHB

The 48-month Murabaha financing will partly fund property acquisitions.

Singapore-listed Elite UK REIT has secured a $86.5m (£50m) sustainability-linked Shariah-compliant financing facility from Malayan Banking Berhad and RHB Bank Berhad.

The 48-month Murabaha facility will be used to partly finance property acquisitions, refinance existing loans, and support general corporate and working capital requirements.

As of 17 August, the REIT had drawn $38.1m (£22m) from the facility to partially fund its acquisition of five government-leased properties in the UK.

The properties are Queensway House in East Kilbride, Griffin House in Wigan, Penhaligon House in St Austell, Challand House in Pontefract, and Bridgend Jobcentre in Bridgend.

The facilities are sustainability-linked, with scope for margin adjustments should energy performance certificate ratings improve, the REIT added.

Its CEO Joshua Liaw said the GBP-denominated structure allows the trust to access Islamic financing whilst keeping its borrowings aligned with the currency of its UK assets and income.

“More broadly, we see Islamic finance as a natural extension of Singapore’s position as an international financial centre connecting capital across Asia, the UK, and the wider global market,” Liaw added.

Elite UK REIT’s portfolio comprises 148 properties across the UK, with a total asset value of about $845.6m (£488.8m) as of 7 August.

$1 = £0.58

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