Kuwait’s Adeem Investment Company has secured one of the largest Islamic finance deals seen in the UK so it can spend £250m on redeveloping 124 serviced flats above London’s Grosvenor House Hotel, on Park Lane.
It is thought to be planning to build “super-luxury” suites for a new “apart-hotel” that will rent out flats. Robert Bourne bought the leasehold on the 180,000 sq ft building in late 2004 but the building has, in effect, remained a shell for the past two years.
Adeem is thought to have bought the leasehold for about £100m from leaseholder Royal Bank of Scotland and refinanced the investment through Lloyds TSB in a shariah-compliant murabaha transaction.
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