Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has provided a £27 million (AED 133 million), five-year Shari’a-compliant financing facility to Blacksand Company B.S.C for the financing of a prime logistics warehouse in Glasgow, Scotland. The transaction marks ADIB’s third financing arrangement with the Bahrain-based investment firm, reinforcing the long-standing relationship between the two organisations and their shared confidence in the resilience of the UK logistics sector.
Industry sources added that this financing supports a 620,090 sq. ft. warehouse that serves as a key regional distribution hub for Morrisons, one of the UK’s leading supermarket chains. Morrisons has occupied the property for over 30 years, with the logistics hub playing a mission-critical role in supplying 62 stores across Scotland.
Located in Glasgow, the property benefits from an EPC rating of “A” and is let under a long-term lease with over 21 years remaining. The lease includes annual inflation-linked rental uplifts, providing secure and progressively growing income streams. The asset’s strong sustainability credentials align with ADIB’s commitment to financing high-quality real estate assets that support long-term value creation and responsible investment.
Paul Maisfield, UK Chief Country Officer at ADIB, said: “Completing our third transaction with Blacksand Company reflects the strength of our long-standing relationship and the confidence our clients place in ADIB as a trusted Shari’a-compliant financing partner. We remain committed to delivering tailored financing solutions that support our clients’ investment strategies while maintaining a disciplined approach to financing high-quality assets with resilient long-term fundamentals. This transaction combines many of the characteristics we prioritise, including a strategic location, a long-standing occupier, strong sustainability credentials, and secure inflation-linked income, ensuring ADIB remains well positioned to support institutional investors seeking long-term opportunities in the UK commercial real estate market.”
Ahmed Matar, the Chief Investment Officer of Blacksand, said: “We are pleased to further strengthen our relationship with ADIB through this successful financing transaction, which reflects the confidence placed in Blacksand’s disciplined investment strategy and execution capabilities. The acquisition of this high-quality logistics asset aligns with our long-term investment approach of acquiring resilient, income-generating real estate properties backed by strong tenant covenants, sustainable cash flows, and attractive growth prospects. ADIB has built a strong and well-established track record in UK commercial real estate financing through its London office, providing bespoke Shari’a-compliant financing solutions to institutional investors, corporates, and high-net-worth clients. The bank has financed a broad range of high-quality assets across the logistics, hospitality, office, living-sector, and mixed-use sectors, consistently prioritising asset quality, tenant strength, income resilience, and disciplined capital deployment. We value ADIB’s continued partnership and look forward to expanding our collaboration on future investment opportunities.”
Industrial sources added that the UK industrial and logistics sector continues to demonstrate resilient fundamentals, supported by sustained demand for high-quality logistics space and constrained availability of prime assets. According to JLL, demand for large-scale logistics facilities reached 12.9 million sq. ft. in the first half of 2026, representing a 3% year-on-year increase. Demand remained robust, with 10.9 million sq. ft. under offer at the end of the period, supporting continued rental growth across the sector.
