Abu Dhabi Islamic Bank (ADIB) has financed the acquisition of an AED 280 million residential portfolio in Manchester by Saudi Arabia’s Cedar Tree Investments, comprising four freehold rental properties, with a total of 163 units.
ADIB stated that the transaction means that property financing in the UK arranged through ADIB office has reached over AED 850 million.
Paul Maisfield, the Head of UK Real Estate at ADIB UK, said, “We doubled our financing assets in the UK in 2018 with the majority of properties being outside London and we are on track to double the size of the portfolio again in 2019.”
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