DAMAC International has
secured a finance package of £175m to help progress its DAMAC
Tower development at Nine Elms, London.
The finance will be
provided by lead bank Barclays plus Burgan Bank and Emirates NBD, together with
an equity commitment from DAMAC itself.
DAMAC Tower at Nine Elms will comprise 50 storeys including
450 units of a variety of sizes some with Versace-inspired interiors. It is
located in the wider regeneration scheme around Battersea Power Station and will
be progressed by subsidiary Nine Elms Property Ltd.
Hussain Sajwani, Chairman
of DAMAC, says: “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. 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.”
It is probably fair to say
that the DAMAC brand is not that widely known in the UK as yet. This scheme should help
to raise the profile of the Dubai-based developer which has recently said it is
looking to expand further in the UK market.