The Damac stand at a recent Property show in Dubai. Image Credit: Gulf News Archives

Dubai: The overseas arm of Damac has secured £175 million (Dh840.43 million) to fund its residential 50-storey project in London. These funds were raised from three lenders, including Barclays Bank, which acted as the UK lead bank, Burgan Bank, and Emirates NBD.

The developer has also put in equity into the “Damac Tower’” project, which has not been revealed. “Damac Tower continues to garner strong interest from customers seeking premium branded real estate in one of the most desirable addresses in the world,” said Hussain Sajwani, Chairman. “Its success has encouraged us to seek the next investment opportunity in London, which we are currently engaged in detailed discussion to secure.”

“Damac has been able to achieve close to 55 per cent in private residential pre-sales, in what has been considered as challenging market conditions, with a significant development financing package in the UK,” said Raashed Amin, CEO, Emirates NBD Bank, London Branch.

Damac Tower at Nine Elms will be the first in Europe to be designed in partnership with Italian fashion house, Versace Home.