DUBAI 14 April 2019: Damac International has secured a development financing package of £175m for London’s landmark project, Damac Tower at Nine Elms. The partnership marks a major vote of confidence in the United Kingdom, at a time of heightened political and economic uncertainty.
The securing of the £175m across three major lenders including Barclays Bank, which acted as the UK lead bank, Burgan Bank, and Emirates NBD, completes the financing of the luxury tower, Damac’s premiere development outside of the Middle East. The package is matched by significant equity commitment from the leading developer.
The successful closure of the deal is testament not only to Damac’s success in achieving private residential pre-sales of c.55% in what have been challenging market conditions, but also the confidence the banks have in the inherent ability of Damac to deliver strong returns in new geographical locations and target markets.
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, located in one of London’s most prestigious residential addresses and delivered by Nine Elms Property Limited, a wholly owned subsidiary of Damac International, will comprise of studios, one, two and three bedroom apartments, complemented by premium finishings, and feature special ‘winter gardens’ that offer panoramic views of the city.