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29 March 2024

UAE bank to finance area adjacent to Buckingham Palace

The development of 72 luxury apartments, a restaurant and health centre, is expected to be completed in late 2017 (File)

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By Staff

National Bank of Abu Dhabi (NBAD) and investment firm Abu Dhabi Financial Group (ADFG) have announced the completion of a Dh1.8 billion (£310 million) financing deal for one of the largest redevelopment projects in prime Central London.

1 Palace Street comprises 271,051 square feet of space adjacent to Buckingham Palace in the exclusive area between St James’s, Mayfair and Belgravia, the two UAE entities said in a media statement.

The development of 72 luxury apartments, a restaurant and health centre, is expected to be completed in late 2017, the statement added.
Integrated Alternative Finance (IAF), a subsidiary of ADFG, sourced, structured, and arranged the deal with NBAD. The loan was structured through a combination of senior debt and a preferred equity tranche underwritten by IAF.

“Providing financing to the exclusive residential development at 1 Palace Street is a good proposition for NBAD,” said Farid Barakat, Country CEO & Managing Director of NBAD’s London Branch.

“ADFG has put together a compelling strategy to create one of Europe’s foremost luxury properties in London’s most desirable postcode. We look forward to collaborating with ADFG further as this landmark project becomes reality,” he added.

“The transaction will allow 1 Palace Street to become one of the most desirable addresses in the world and will set a new standard for ultra-prime residential developments in London,” said Jassim Alseddiqi, CEO of ADFG.