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Damac raises Dh840M for its London project

Apr 14

Damac raises Dh840M for its London project

Barclays Bank, Burgan Bank and Emirates NBD raised funds for the Damac Tower at Nine Elms project in London.

Damac Properties has raised £175 million (Dh840 million) loan from three banks for its London project, the developer said in a statement on Saturday.

Barclays Bank, which acted as the UK lead bank, Burgan Bank and Emirates NBD raised funds for the Damac Tower at Nine Elms project in London.

Niall McLoughlin, senior vice-president, Damac Properties, said this is the final financing package required for the Damac Tower, and any additional investment in London will go towards new real estate projects.

'The UAE continues to be an attractive country for international investors due to the market offering high rental returns, among other benefits,' he said.

'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,' said Sajwani.

The company said it had achieved private residential pre-sales of around 55 per cent in the project which 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 at Barclays Corporate Banking.

'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,' said Raashed Amin, CEO, Emirates NBD Bank, London Branch.

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, complemented by premium finishings, and feature special 'winter gardens' that offer panoramic views of the city.