Saudi-based Arbah Capital has announced its participation in the £500 million ($666 million) Regent’s Crescent project in prime central London, UK with a shariah compliant mezzanine financing facility of up to £50 million ($66 million).
The development is for 76 high-end residential units facing Regent’s Park in the heart of the UK capital city.
It is the rebuild of an 1800s Grade 1 listed building designed by John Nash, who was the architect of Buckingham Palace. The development is expected to be completed in the first half of 2020, a statement said.
Mahmood Al Kooheji, CEO of Arbah Capital, said: "This is a landmark moment in Arbah Capital’s successful progress into becoming an investment bank which participates in carefully selected, risk adjusted, and investment opportunities internationally.
"This is just the beginning of an exciting period in our development and shortly we will be bringing further unique investment opportunities for our valued clients.”
Marylebone, the area in which the development is located, has bucked the trend in Prime Central London and is one of the very few areas in London where prices have shown increases in recent years.
The residences also feature amenities such as a swimming pool, business suite, cinema, access to private gardens, concierge and on-site parking.
Pre sales have been encouraging, the statement added.
Arbah Capital is licensed by the Capital Market Authority in Saudi Arabia and headquartered in Dammam with a paid-up capital of SR220 million.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.