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Sat 3 Oct 2015 01:51 PM

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Islamic lender closes $19.6m funding deal with London developer

BLME Holdings funding to Residence One is for the renovation of a luxury Belgravia home

Islamic lender closes $19.6m funding deal with London developer

BLME Holdings, an independent wholesale Shariah-compliant bank based in London, has completed a £13 million ($19.6 million) financing deal with UK-based luxury developer Residence One.

The deal will enable Residence One to complete the acquisition of a property at Chester Square, an upmarket residential area in central London.

The Belgravia property will now be developed by brothers Nick and Ben Wilson of Residence One and transformed into a luxury six-bed, family home with leisure facilities and staff accommodation set over six floors.

Alice Myers, head of property Finance at BLME, said: “This project shows that there are still good deals to be done in London. BLME specialises in development finance, and has successfully partnered with a number of leading developers in the prime London market over the last few years.

“Chester Square has seen substantial development recently. The project, aims to embrace and enhance the original character of the property, which is highly appropriate for such an established address. Residence One have recently completed successful projects in Wilton Street and Eccleston Mews, both in Belgravia and have quickly developed an impressive reputation and track record in London.”

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