Gatehouse Bank, a Shariah compliant investment bank based in the City of London and regulated by the FSA, has issued its first real estate backed sukuk, paying a distribution of 3% per annum over a five year term.
Investors will earn a return by virtue of having pro-rata ownership of the sukuk assets, which comprise shares in a company which owns a 62,000 sq ft property in Basingstoke, in the south east of England. The property is leased to IT services giant Fujitsu Services Limited for an unexpired term of 68 years. (Press Release)