Investment bank VC Bank acquires new build residential project; slated for 2014 completion
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.