DAMAC Secures GBP 175 Million For Londons Landmark Project

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DAMAC Tower at Nine Elms will be the first in Europe to be designed in partnership with Italian fashion house, Versace Home.

Dubai-based DAMAC Properties’ international arm has secured a GBP 175 million financing facility for its London landmark project, DAMAC Tower at Nine Elms, according to local newswire, WAM.

In a statement, DAMAC Properties said that the partnership marks a major vote of confidence in the UK, at a time of heightened political and economic uncertainty.

The GBP 175 million financing facility was provided by Barclays Bank, which acted as the UK lead bank as well as Burgan Bank and Emirates NBD.

Additionally, the facility completes the financing of the project, DAMAC’s premiere development outside of the Middle East.

Hussain Sajwani, the Chairman of DAMAC, said, “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.”

The 50-storey tower, to be delivered by Nine Elms Property Limited, a subsidiary of DAMAC International, will comprise of studios, one, two and three bedroom apartments as well as feature winter gardens that offer panoramic views of the city.

“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,” added Dennis Watson, Head of Real Estate, Barclays Corporate Banking.