Bahrain bank inks deal for luxury Mayfair apartments

  • Share via facebook
  • Tweet this
  • Bookmark and Share

A Bahrain-based investment bank has announced the acquisition of a prime boutique "new-build" freehold residential development in one of the most famous districts in Central London.

Mayfair Chambers comprises a building currently being developed to house six luxurious residences designed and finished to the highest standard, Venture Capital Bank (VC Bank) said in a statement.

Construction of the development has started and delivery of the apartments is expected to take place in April 2014, the bank added without giving a value for the deal.

Close to Berkeley Square and Grosvenor Square, Mayfair Chambers is situated in the Mayfair Conservation Area, bounded to the west and south by Hyde Park, St James' Park and Green Park.

Abdullatif Mohamed Janahi, CEO of VC Bank, said: "We are truly excited about this opportunity. This acquisition adheres to VC Bank's Investment strategy which seeks to diversify the investment portfolio geographically and industry wise, while targeting high quality, stable assets with attractive valuations.

"Close to Oxford Street and one of the finest shopping streets in London; Bond Street, the development is underpinned by its prime location Mayfair, which is considered to be one of the most prominent areas in London."

He added that the bank had been working on the deal for the exclusive development "for several months".

"The bank has spent time with the developer to understand the degree of detail and planning put into Mayfair Chambers," Janahi added.

VC Bank in April reported a net profit of $20.2m from total revenue of $39.6m for the 15 months ending March 31 compared with a loss of $58.7m for the calendar year 2011.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Do celebrity branded projects ever work?

Do celebrity branded projects ever work?

The long list of celebrity-endorsed real estate developments...

Is this the end of the Gulf’s Indian cash dash?

Is this the end of the Gulf’s Indian cash dash?

From currency woes to taxation loopholes closing and a clampdown...

Mall talk

Mall talk

Plans for Dubai’s Mall of the World have made headlines all over...

Most Discussed
  • 10
    UAE teens among the highest for obesity rates

    Everyone in UAE knows that biggest is best.

    UAE may not light up the international league tables in standard of living, education standards, press... more

    Friday, 29 August 2014 4:20 PM - Proud UAEer
  • 9
    Saudi Arabia seeks talks on hiring of Sri Lankan maids

    perhaps the unemployed saudi men or the millions of women who are not allowed to work could pick up a broom and start sweeping their own houses. more

    Sunday, 31 August 2014 3:28 PM - nice
  • 9
    Smoke-free Dubai - the big debate

    Surprisingly the only studies that show a negative financial impact of the smoking ban on the hospitality industry are sponsored by tobacco companies ... more

    Wednesday, 27 August 2014 4:19 PM - Telcoguy
  • 24
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 23
    Baby NOT on board?

    Some of you cry babies need to get your own personal apartments on the plane ! You cry more then the babies I have seen in my travels. LOL more

    Thursday, 28 August 2014 9:10 AM - Jim
  • 21
    Israel “must be punished” over Gaza, says Dubai police chief

    This high moral ground that Mick is talking abt sound very familiar. May I remind Mick that the US & its British ally alone killed over 1 million innocent... more

    Thursday, 7 August 2014 4:12 PM - Mathew