Norton Rosehas been appointed to act for Liquidity Management Centre (LMC)on the $150 million sukuk issue for the first phase of the Bahrain Financial Harbour (BFH) development. LMC was in July appointed lead arranger on the sukuk by project developer, the local Gulf Finance House ( GFH - MEED 30:07:04).
The sukuk issue will be completed by the end of the year. Funds will be released to the project by bullet drawdown and Islamic construction and lease contracts will provide interim returns for investors.The sukuk will bring the total financing raised on the estimated $1,300 million BFH development to $550 million. The remaining $100 million required for phase-1 will be in the form of equity.