Damac Properties secures $229mn from bank partners for financing of Damac Tower
Damac Properties has announced that they have secured a bank loan of $229 million for its landmark project in London called Damac Tower, scheduled for completion in 2020.
The funding was acquired from three major banks including Barclays Bank, which acted as the UK lead bank, Burgan Bank, and Emirates NBD, for the luxury tower. Damac said that the partnership marks a major vote of confidence in the UK, at a time of heightened political and economic uncertainty.
Hussain Sajwani, chairman of Damac Properties said: “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.”
“Damac Tower continues to garner strong interest from customers seeking premium branded real estate in one of the most desirable addresses in the world, and its success has encouraged us to seek the next investment opportunity in London, which we are currently engaged in detailed discussion to secure,” he added.
The $729 million tower, conceived by architecture firm Kohn Pedersen Fox Associates, will be the first in Europe to be designed by Italian fashion house, Versace. The 50-storey building will be located at Nine Elms on South Bank, which is part of a wider multi-billion-pound regeneration scheme. This includes the redevelopment of Battersea Power Station as well as the location for the new US Embassy. Nine Elms Property Limited is a wholly-owned subsidiary of Damac International.
The tower will consist of one-, two- and three-bedroom apartments and ‘winter gardens’ that offer panoramic views of the city, according to the developer. In addition to residential units, Damac Tower will have four storeys of office space and a sky bridge between the south building and north tower, toped by an extensive roof garden at level 24, it stated.
Other amenities will include a children’s play area, indoor swimming pool, Jacuzzi, gymnasium, residents lounge, hospitality services as well as more than 800 sqm of communal gardens, Damac added.