1.8 billion financing deal for one of the largest redevelopment projects in prime Central London 

The National Bank of Abu Dhabi and Abu Dhabi Financial Group (ADFG), an alternative investment firm primarily focused on financial services and real estate and based in Abu Dhabi, have announced the completion of an AED 1.8 billion (GBP 310 million) financing deal for one of the largest redevelopment projects in prime Central London.

1 Palace Street comprises 271,051 square feet of space adjacent to Buckingham Palace in the exclusive area between St James’s, Mayfair and Belgravia. The development of 72 luxury apartments, a restaurant and health centre, is expected to be completed in late 2017.

Integrated Alternative Finance (IAF), a subsidiary of Abu Dhabi Financial Group (ADFG), sourced, structured, and arranged the deal with NBAD. The loan was structured through a combination of senior debt and a preferred equity tranche underwritten by IAF.

Farid Barakat, Country CEO & Managing Director of NBAD’s London Branch, said, “Providing financing to the exclusive residential development at 1 Palace Street is a good proposition for NBAD. ADFG has put together a compelling strategy to create one of Europe’s foremost luxury properties in London’s most desirable postcode. We look forward to collaborating with ADFG further as this landmark project becomes reality.”

Jassim Alseddiqi, CEO of Abu Dhabi Financial Group, said, “To work with NBAD’s London Office and secure the AED 1.8 billion financial deal has been very rewarding, particularly given the high-profile, ambitious nature of the project. The transaction will allow 1 Palace Street to become one of the most desirable addresses in the world and will set a new standard for ultra-prime residential developments in London. We have established a very strong relationship with NBAD, and the completion of an international deal, outside of the Middle East, is testament to this.”

 

Source: cpifinancial – 1.8 billion financing deal for one of the largest redevelopment projects in prime Central London.

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