In mid-2005 IIB acquired for US$280 million a landmark commercial property occupying a prime site in Central London, in conjunction with SEDCO, a leading private Islamic investment company in Saudi Arabia. The property overlooks the gardens of Buckingham Palace and benefits from a long-term lease to the UK subsidiary of one of the world's leading energy companies.

IIB placed the investment with its investors on the basis of a five year investment holding period, a cash dividend of 7.5% p.a. and an IRR in excess of 10%. The London commercial real estate market then strengthened and the Bank achieved an equity release in November 2006 of 55% of the original investment and an increased cash dividend to investors of 10% p.a. on both the original and the remaining equity.

The building was sold for US$ 409 million in December 2006, achieving a total return of 98% in only 17 months, equivalent to an Internal Rate of Return ("IRR") of 67% for our investors. We not only far exceeded initial projections, but also delivered this exceptional result well in advance of the original five year investment holding period.