A property which stands next door to the ancestral home of the kings and queens of Britain is set to be redeveloped after a financing deal with two Abu Dhabi corporations.
National Bank of Abu Dhabi (NBAD) and Abu Dhabi Financial Group (ADFG) have announced the completion of $490 million deal for one of the largest projects to take place in central London.
The property called 1 Palace Street is adjacent to Buckingham Palace and is set to be turned into 72 luxury apartments along with a restaurant and health centre. It is expected to be completed in late 2017.
Farid Barakat, managing director of NBAD’s London branch, said: “Providing financing to the exclusive residential development at 1 Palace Street is a good proposition for NBAD.
“ADFG has put together a compelling strategy to create one of Europe’s foremost luxury properties in London’s most desirable postcode. We look forward to collaborating with ADFG further as this landmark project becomes reality.”
Jassim Alseddiqi, CEO of ADFG, added: “The transaction will allow 1 Palace Street to become one of the most desirable addresses in the world and will set a new standard for ultra-prime residential developments in London.”