Damac secures €200m finance package for Nine Elms

Dubai-based luxury homes developer Damac International has obtained a £175 mln (€200 mln) financing package from Barclays Bank, Burgan Bank and Emirates NBD for its Nine Elms scheme.

Damac said it had matched the financing with a siginficant equity commitment.

'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,' said Hussain Sajwani, chairman of Damac.

The Damac tower at Nine Elms, designed by Kohn Pedersen Fox, has an estimated construction value of £240 mln. Comprising a 50-storey north tower and a 24-storey south tower, the taller tower will be the first residential address in Europe with interiors from Versace Home, and will include 360 apartments.

'Barclays has a strong and longstanding relationship with the UK real estate sector and so our support in this landmark project was an obvious fit and underlines our ongoing commitment to residential development of all sizes in our home market,' said Dennis Watson, head of real estate, Barclays Corporate Banking.

Barclays was the lead bank in the consortium.


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