IslamicFinance.de

Bahrain-based Ibdar Bank has announced that it has made a £8 million investment in a prime new residential project. Angel Gardens, consisting of residential 458-apartments and a total development value of £124 million, forms part of the wider NOMA re-development project aimed at transforming Manchester city centre. The development is being funded through a combination of equity invested by Ibdar and other co-investors and senior debt to be obtained from one of the Banks. Forecasts indicate an expected income return through operations starting at 9.1% on stabilized income, rising to 10.8% per annum after three years of stabilised operations and a targeted IRR of +15% over a five year investment period.