Damac International has secured a development financing package of £175m for its first project in London, the Damac Tower at Nine Elms
The securing of the £175m across three major lenders including Barclays Bank, Burgan Bank, and Emirates NBD, completes the financing of the Damac tower.
Hussain Sajwani, chairman of Damac, said: “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.”
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 delivered by Nine Elms Property Limited, a wholly owned subsidiary of Damac International, will comprise of studios, one, two and three bedroom apartments.