Damac International has secured a £175m development financing package for its landmark residential tower at Nine Elms, SW8.
The facility was agreed with three lenders: Barclays Bank, which acted as the UK lead bank; Burgan Bank; and Emirates NBD.
The 50-storey luxury residential tower is expected to be completed in 2020.
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.”
Liam Fox, international trade secretary, said: “This milestone in the development of the Damac Tower in Nine Elms is a major vote of confidence in the UK economy and reinforces our position as Europe’s top destination for foreign investment. It is also yet another sign of the international community’s confidence in the fundamental strength of the British economy at a time when global FDI is falling.
“My international economic department will continue to work with investors like Damac and their partners to deliver jobs and prosperity across the United Kingdom.”
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