Premio Group Holdings – a joint venture between Chelsfield Partners and Rollpost – has completed its first Islamic finance transaction, a £31.5m refinancing of its London portfolio.

Premio refinanced the 50,000 sq ft residential and commercial property portfolio in Mayfair, London, with Bank of London and The Middle East (BLME).

Elliot Bernerd, chairman of Chelsfield Partners, said he hoped to work with BLME again following Premio’s first sharia funding.

Humphrey Percy, chief executive of BLME said: ‘Successfully completing this transaction with Premio in what are extremely challenging market conditions is a great achievement for both parties. Despite the pressure that the property market is under, we believe there are excellent opportunities to provide financing for companies with strong management and robust assets.’