Integrated Alternative Finance, a wholly owned subsidiary of Abu Dhabi Capital Management (ADCM), on Tuesday announced that it has secured Dh 786 million bridging facility, funding the acquisition of 1 Palace Street, London, with ADCM’s exclusive adviser Eastdil Secured.
The facility is the largest of its kind in recent years and was provided by Omni Capital. It was provided in January 2014 to fund the landmark acquisition.
1 Palace Street is a Grade II listed former hotel building, located close to Buckingham Gate in the heart of London. It comprises 245,000 square feet of development space which will produce 78 luxury apartments, a restaurant and health centre; all with unrivaled views of Buckingham Palace.
Commenting on the funding, Jassim Al Seddiqi, Chief Executive Officer of IAF’s parent, ADCM, said: "This is a unique funding arrangement which complements the landmark nature of 1 Palace Street. Integrated Alternative Finance, in partnership with Eastdil, was able to secure the most appropriate lender with considerable expertise in the super prime Central London market. Its experience in negotiating appropriate terms and finalising this significant facility were integral to the success of the eventual funding."
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