The international arm of Dubai-based developer Damac has secured a development financing package of £175 million ($229.4 million) for its landmark project, Damac Tower at Nine Elms, in London.
The funds from three major lenders including Barclays Bank, which acted as the UK lead bank, Burgan Bank, and Emirates NBD, completes the financing of the luxury tower, Damac International’s premiere development outside of the Middle East.
The package is matched by significant equity commitment from the developer, a statement said.
“In a vote of confidence in the United Kingdom and Damac’s track record, we have secured significant support to complete our distinctive residential development in London,” said Hussain Sajwani, chairman of Damac.
“Damac Tower continues to garner strong interest from customers seeking premium branded real estate in one of the most desirable addresses in the world, and its success has encouraged us to seek the next investment opportunity in London, which we are currently engaged in detailed discussion to secure.”
Damac Tower at Nine Elms will be the first in Europe to be designed in partnership with famous Italian fashion house, Versace Home.
The 50-storey tower, located in one of London’s most prestigious residential addresses and delivered by Nine Elms Property Limited, a wholly owned subsidiary of Damac International, will comprise of studios, one, two and three bedroom apartments.
“Barclays has a strong and longstanding relationship with the UK real estate sector and so our support in this landmark project was an obvious fit and underlines our ongoing commitment to residential development of all sizes in our home market,” said Dennis Watson, head of real estate, Barclays Corporate Banking.
“Once again, we affirm our confidence in Damac Group as market leaders in delivery of high-end residential development, and the continued fundamental attractiveness of the UK as a whole,” added Mohammad Al-Mael, head of corporate banking, Burgan Bank.
Raashed Amin, CEO, Emirates NBD Bank, London branch, said: "Having become known for offering differentiated financial products, it was natural for us to partner up with Damac Group on this distinctive development, with a significant development financing package in the UK.”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.