ADCM unit secures $213m bridging loan
Abu Dhabi, March 4, 2014
Integrated Alternative Finance, a wholly owned subsidiary of Abu Dhabi Capital Management (ADCM), has secured a Dh 786 million ($213.9 million) bridging facility to fund its acquisition of 1 Palace Street, London, a redevelopment project in Prime Central London.
The facility has been provided by Omni Capital, with ADCM’s exclusive advisor Eastdil Secured.
1 Palace Street is a Grade II listed former hotel building, located close to Buckingham Gate in the heart of London. It comprises 245,000 sq ft of development space which will produce 78 luxury apartments, a restaurant and health centre.
Jassim Alseddiqi, chief executive officer of ADCM, said: “This is a unique funding arrangement which complements the landmark nature of 1 Palace Street. Integrated Alternative Finance, in partnership with Eastdil, was able to secure the most appropriate lender with considerable expertise in the Central London market.”
Abu Dhabi Capital Management is focused on alternative investments in the GCC and UK and is known for its innovative investment approach, talented investment managers, ability to source niche special situations opportunities, and a proven ability to deliver high quality returns. - TradeArabia News Service