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Damac Properties secured GBP 175 million for a residential development in London

Infra News - Published on Wed, 17 Apr 2019

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Dubai property developer Damac Properties has secured a GBP 175 million financing package for a residential development in London. It was being joined by Barclays Bank, the Kuwaiti bank Burgan Bank and Emirates NBD (Dubai’s largest bank) in funding Damac Tower which is to be built at Nine Elms on South Bank in London, the company's first venture outside the Middle East. Mr Hussain Sajwani, the Chairman of Damac said that "In a vote of confidence in the UK and Damac’s track record, we have secured significant support to complete our distinctive residential development in London."

Mr Sajwani said with the current project wrapped up, his company is now looking at a second opportunity in London, and discussions are underway to secure the site. The initial London project, Damac Tower, will be the first building in Europe to be designed in partnership with Italian fashion house, Versace Home.

The building, being undertaken by Australian construction giant Multiplex, consists of two towers, a North Tower topping out at fifty floors, and a 24-level South Tower. The building will consist of 1, 2 and 3 bedroom apartments, 360 in all. There will be a sky bridge connecting the two towers, and five stories of commercial office space.

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Posted By : Rabi Wangkhem on Wed, 17 Apr 2019
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