Trowers & Hamlins advises Rasmala plc on third UK property deal

Abdul-Haq Mohammed, Head of International Real Estate at Trowers & Hamlins

City, national and international law firm Trowers & Hamlins is pleased to have advised London-listed asset management and financing group, Rasmala plc on the acquisition of Abbvie House, an office building in Maidenhead, Berkshire. The £24.5m deal marks Rasmala’s third UK commercial property deal in nine months.

The office building forms part of Vanwall Business Park and is fully let to Abbvie, the pharmaceutical research and development arm of Abbotts Laboratories.  The property is a prime headquarters office building located on one of the Thames Valley’s premier business parks, comprising 14 buildings in a high quality, landscaped environment.

Trowers & Hamlins advised Rasmala plc on all aspects of the acquisition, including real estate, tax and structuring advice.

Abdul-Haq Mohammed, Head of International Real Estate at Trowers & Hamlins, commented:

“This deal represents the continued expansion of Rasmala’s real estate business into the UK. Three deals in less than nine months is quite an achievement, and we are delighted to have advised and supported our client through this journey. It remains an interesting time for UK investment, particularly in commercial property, and our ability to draw upon experts based in our London and Middle East offices was instrumental in the successful and timely completion of these deals. We look forward to working with Rasmala plc on its future purchases.”

Trowers & Hamlins’ advice on the acquisition included a tax efficient debt and equity structure, accommodating investment from the GCC, as well as the property deal itself.

The firm also advised Rasmala on the purchase of the EE Building at Doxford Business Park in Sunderland and the acquisition of the Airbus Premises, at Celtic Springs Business Park in Newport.

Abdul-Haq Mohammed was supported on the deal by a London-based team led by real estate partners Sangita Unadkat, Patrick Morris and Sam Folley, and corporate partner Nick Green.

Trowers & Hamlins’ Real Estate practice is widely recognised for its expertise in UK inward investment into real estate from the Middle East and Far East and in Islamic finance. It recently won Real Estate Team of the Year at Legal Week’s prestigious Corporate Counsel Middle East Awards 2016.