Dh1.8b financing deal for Central London redevelopment

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

The project, 1 Palace Street, comprises 271,051 square feet of space adjacent to Buckingham Palace, and includes 72 luxury apartments, a restaurant, and a health centre. It is expected to be completed in late 2017, according to a statement.

Integrated Alternative Finance, a subsidiary of Abu Dhabi Financial Group, 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 the Group.

Abu Dhabi Financial Group primarily focuses on financial services and real estate, and is based in Abu Dhabi.