South West law firm completes refinancing of London headquarters of Superdrug for Saudi bank

A team of lawyers from the South West have helped one of Saudi Arabia’s largest financial institutions refinance Superdrug’s London headquarters, worth £21.5million.

Foot Antsey’s Islamic finance team advised the capital’s branch of Riyadh Bank on the 55,000 square foot property in Croydon which houses the health and beauty retailer’s head office.

Foot Antsey partners Zahir Nayani and Leena Payyappilly, both based at the firm’s Bristol office, and partner Kate Heard, who works at its base in Truro, Cornwall, led all legal advice to Riyad Bank for the ‘OK. They were backed by Guernsey-based law firm Collas Crill on the offshore elements.

Zahir Nayani, Kate Heard and Leena Payyappilly from Foot Antsey’s Islamic Finance team.

This is the second refinancing operation in recent months that Foot Anstey’s Islamic Finance team has advised Riyadh Bank, in which the Saudi government is one of the main shareholders. It follows a £17.5m refinance of a Grade A office asset in Harlow, Essex, in July last year.

Mr. Nayani, said: “Riyad Bank offers innovative financing solutions to its customers, and we were naturally delighted to work in collaboration with all the counterparties of the transaction to bring this transaction to fruition and, in doing so, strengthen our relationship with Riyadh Bank.

Foot Anstey works with brands and individuals primarily across six key sectors: Developers, Energy and Infrastructure, Islamic Finance, Private Equity, Private Wealth, Retail and Consumer.

In addition to its offices in Bristol, Truro and London, the company also has bases in Exeter, Taunton, Plymouth and Southampton.

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