DAMAC Secures £175m For Nine Elms Tower

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.

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Source Gulf Today
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