UAE-based Gulf Islamic Investments Group (GII) has agreed a £82 million ($110 million) funding package to finance the construction of its latest prime residential development on the site of the former Chelsea Police Station in London.
The luxury residential development located at 2 Lucan Place will comprise a seven-storey residence up to 31 residential units and two commercial units.
It is due for completion in the first quarter of 2024.
Mohammed Al Hassan, founding partner and co-CEO of GII said: “This latest development is a key milestone for us in the growth of our UK business. Residential development is a key priority for us and we are aggressively looking for lucrative opportunities and partnerships in this segment in and around London.”
Pankaj Gupta, founding partner and co-CEO of GII added: “With our local presence in the UK, we see a promising future for London’s prime property market. We expect the easing of international travel restrictions and pent-up demand from affluent foreign buyers to drive significant growth.”
GII’s development arm GRID Properties will manage the development, which will also offer a gym, concierge and valet parking.
This is GII’s second venture in the London real estate development market. GRID is also currently advising on the Elie Saab Residences, Hyde Park.
The funding of the loan was led by London Wall, an alternate real estate debt provider. This latest transaction further strengthens London Wall’s presence in the capital, following its recent £34.4 million funding to Dandi to develop 160 new residential units in Brent at the end of 2021.
Ned El-Imad, partner at London Wall Lending, said: “The prime central London residential market continues to offer excellent opportunities for investors, despite some headwinds caused by Brexit and the pandemic. We are still seeing strong appetite for opportunities here and are encouraged by this latest transaction, which reaffirms international commitment to the UK.
“This deal also marks an exciting moment for London Wall Lending, representing our largest deal to date following a number of other development loans at the end of last year across the country.”
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