Bedford Row Capital Issues Debut Sukuk Worth USD 50 Million for UK Property Sector

Bedford Row Capital (BRC), a UK-based corporate finance structuring specialist, has recently launched a USD 50 million Sukuk to raise funds on behalf of P1 Capital (P1), a UK asset-management group that focuses on asset-backed investments in the UK property sector, according to a statement released to media.

The Sukuk, which is the first for the UK property market, has a fixed three-year tenure that is set to mature in September 2023, with a 7% coupon rate to be paid quarterly. The Sukuk, which is managed by BRC, was issued by Al Waseelah, a specialist UK-based Sukuk issuer, with Khalij Islamic providing Shariah advisory services, according to media reports.

The Sukuk targets high n...