Euroglade and Diallo Holdings, on behalf of a client based in the United Arab Emirates, have secured funding to bring forward residential schemes in Bayswater, W2, and Pimlico, SW1.
Bank of London and the Middle East has provided an £8.2m loan facility for the properties, comprising a total of 26 flats.
The facility has been agreed for a term of five years, demonstrating continued appetite from investors in prime assets, and is a vote of confidence in London’s living sector.
Jahid Miah, BLME’s manager of real estate finance, said: “BLME’s recent report revealed that Gulf Cooperation Council investors are looking to deploy their capital in the UK, and particularly prime central London, now that base rates are starting to fall. This once-in-a-decade economic realignment is leading to an increased deployment of capital, which we estimate could grow to more than $4bn [£3bn] annually.”
Photo © BLME
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